Central banks around the world are running nothing short of a "Ponzi scheme" by printing infinite amounts of cash and cutting interest rates to record lows in order to stimulate growth, the chief executive of Saxo Bank told CNBC.
"There is no real wish to do the reforms, it is much needed to see growth," Kim Fournais said Thursday.
"It goes to Europe and to some extent to the U.S. as well. The real issue here is that there is no growth. The Danish Central Bank has been lowering their forecast for three times in a row, the latest out on Wednesday. You pretty much don't see a vibrant economy."
Earlier this week, the Danish Central Bank said the economy is expected to grow 0.9 percent this year, down from its June forecast of one percent. The bank also cut its 2017 forecast to 1.5 percent from 1.6 percent estimated in June.
Denmark adopted negative interest rates almost half a decade back in order to stimulate growth in the economy and increase inflation. The country has been one of the first few to adopt negative rates for lending and mortgages.
"Negative rates are a problem everywhere and it is punishing people with cash which is not a good incentive structure", Fournais told CNBC.