The head of Germany's embattled Deutsche Bank believes negative interest rates are posing an imminent danger to the economy, savers and pension funds.
Deutsche CEO John Cryan warned of "fatal consequences" that could occur should the European Central Bank continue down the road of negative rates. The ECB is holding its deposit rate at -0.4 percent; government debt yields through large swaths of Europe are carrying negative rates as well.
"Monetary policy is thwarting goals to strengthen the economy and to make banks safer by now," Cryan told German newspaper Handelsblatt, according to an account in The Telegraph.
Some $11.4 trillion in global sovereign debt is carrying negative yields, according to Fitch Ratings. The number is slightly off its high of $11.5 trillion in mid-July but still carries potentially ominous consequences.