Since the 2008 financial crisis, central banks around the globe have been on the defensive. In an effort to stabilise economies and stimulate growth, some central banks – including the European Central Bank and the Bank of Japan – have cut interest rates into negative territory and kept them at these levels for years. Has this seemingly drastic step worked or have central bankers gone too far without full consideration of the logistics and consequences?

In episode 15 of The Flip Side podcast series, Jeff Meli, Head of Research, and Zoso Davies, Director, European Credit Strategy, discuss whether instituting negative interest rates provided the stimulus needed to ensure the health of certain economies, or whether a long period of negative rates is causing unintended market distortions.