Sorry for the delay in response. I presume you are referring to the ECB's -0.4% interest on excess reserves (IOER), it charges the banks... just to keep liquidity moving. If my memory serves, the ECB instituted this policy to keep money flowing between banks and into the EC economy. The upshot being that large bank depositors would face penalties on their saved money. This in turned (imo) forced money into global stock markets, U.S. Treasuries, etc. Is that presumption correct? The answer would be no to US bank depositors paying a penalty, as the FED pays 1.95% interest on both required reserves (IORR) and IOER. (Just bumped it up 0.2% as of today). However, none of that seems to be making it to savers, such as myself. By law, the FED cannot charge a negative interest rate and were prohibited paying any interest on IOER or IORR, prior to October 1st, 2008. The current result is still a very large excess in reserves. Something that really did not exist prior to 2008. The U.S. originally passed the aforementioned law in 2006, to be more like the ECB, which was originally not to take place until 2011. In a nutshell, the low interest rates still in place in the U.S. can continue, as the ECB avoided talking about IOER rates, which remain negative. In my opinion, not all is well within the EU banking sector and there are rumors of an increasing abundance of zombie companies. The U.S. has several as well, but would not harm the overall economy, such as would happen in the EU. Japan also has negative interest rates, which has flowed money into the same paths. Until the ECB lifts that negative interest policy, I am not too terribly worried. Frankly, I am not sure they could in the near term, without disastrous results within the EU.