On negative interest rates in Europe

Creating the Euro created a common currency but not a common language. So when I found myself at a friend’s wedding banquet in Champagne, France, I felt like a foreigner in need of a bureau de change. For all my tongue carried was loose change consisting of Bonjour, Bonsoir, Merci and Bon appetit.

Fortunately, a bridesmaid came to my rescue. She was not only a good translator but also an excellent dinner companion. Someone who can share views on a variety of topics over fine food and wine. As I thanked her for taking pity on me, I added, that is exactly how I feel about savers facing negative interest rates in Europe (clearly, I didn’t drink enough champagne!).

Curiously, she asked me to explain negative interest rates. The real question was how do you explain this to someone who believes in "a penny saved is penny earned". So I improvised – it means paying the bank to keep your money, much like purchasing a wallet to keep your money. She argued, she hardly keeps any money in her handbag. I remarked, so do banks in their vaults.

PS – I didn't bring any souvenir but I left Europe with €50 bill and some loose change in wallet.