Chapter 4 of the book Reckless: The Story Of Cryptocurrency Interest Rates is published below. Financiers and speculators therefore tend to benefit from the low interest rates, while the real economy continues to suffer as there may be no effective transmission mechanism to link the low interest rates to the real economy. This interest rate was far lower than the GDP growth rate in the US, which was around 4% in 2003. The Swedish central bank set an interest rate of minus 0.25% for commercial banks who had deposits at the central bank. The negative interest rate in Europe lasted eight years, from June 2014 to July 2022.