In December 2019, after almost five years experimenting with negative rates, Sveriges Riksbank lifted its key repo rate back to 0%. In so doing, it became the first central bank to have implemented negative interest rates that has moved back to ‘normal’ territory.

Sweden’s experiment with negative rates sparked a fierce debate among policy-makers, academics and analysts in Sweden. Critics claimed negative rates distort money markets by lowering the entire yield curve and effectively impose a

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