This Wednesday, Axel de Tarlé looks at the negative interest rates of the ECB. A boon for states, businesses, but not necessarily for individuals.

The European Central Bank should again, tomorrow, lower interest rates that would become frankly negative at: - 0.5%, or even - 0.6%! Axel, it's going crazy. Why can not individuals take advantage of these negative rates?

It's true that it defies the understanding. Remember the principle: you borrow 100 euros, but you only pay 99 euros. This is fantastic for the French state which has borrowed more than 5 billion euros last week at negative rates. Fantastic also for companies like Sanofi, which has just borrowed 1 billion at negative rates. And yes, you are right: why not us individuals? Imagine, it starts at our neighbors. In Germany, Denmark, Switzerland, some banks offer negative real estate rates to their best customers.

In France, no bank has yet taken the plunge. They explain that it is forbidden by the Civil Code. More specifically, by a 1902 article: "A borrower is obliged to make things lent in the same quantity". In France, you borrow 100, you have to return 100.

That's a shame ! We could not change the law?

Why not. But beware. There is a terrible perverse effect if we start to apply negative rates to individuals. Because negative rates, it is valid for everyone. Whoever borrows (very well, it benefits) but also, the one who spares! But concretely, if we apply a negative rate to your savings, it means that you are taking money. If you have 100 euros on your checking account, we will take you one euro.

And that's what is happening in Germany, Denmark, Switzerland. Where large accounts of individuals are punctured. So, be careful. All in all, frankly, it is better that French banks do not engage in these negative rates applied to individuals.