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Welcome to where negative rates are normal

Denmark is deep into an experiment using a monetary policy tool once viewed by mainstream economists as approaching apostasy, if not a virtual impossibility

Lars Rohde, governor of the Danish central bank (above), says Denmark's choice is simple: the peg to the euro must be protected, and negative interest rates are doing that without great disruption.


IN Copenhagen, bicycles take undisputed priority over cars and even pedestrians. A sizzling restaurant scene has made foodie fetishes of moss, live ants and sea cucumbers. Despite a minimum wage not far below US$20 an hour and some of the world's steepest taxes, unemployment is...

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