The ECB, negative rate confusion and the prepay tax option

The ECB meets this week and expectations about what Draghi and team may or may not do seem to be erring towards the non-event side of things.

But, as Beat Siegenthaler at UBS observed in a note on Monday, there still seems to be a lot of confusion about the likelihood and usefulness of negative rates being introduced. A rise in eurozone rates over the past two weeks has only added to the confusion: