OECD calls on countries to borrow and increase public capital spending

On Thursday, the markets widely expect the ECB to move its official deposit rate deeper into negative territory, cutting it to possibly as low as -0.5%.

Last month, the Bank of Japan moved rates into negative territory, while central banks in countries such as Switzerland, Denmark and Sweden have had negative rates for quite some time.

It is hard to believe that seven years after the end of the Great Recession of 2008-09, there is no end in sight to the policy of zero or negative interest rates, with both markets and central banks still focused on the downside risks to growth and inflation.