vulnerabilities in emerging markets so the banks get a hit why should we care well let's ask stefan schneider chief international economist and head of macro trends that the dacha bank research welcome to day doubly so how will cutting bank deposit rates to minus 0.5 percent affect may affect consumers in the euro zone. that's very hard to say it will affect banks in the northern countries actually negatively but there for the e.c.b. has also started a kind of tearing which bit except part of the excesses for serves from the negative deposit rate so overall the impact should not be that large and i think that could be said about the whole package that for the consumer ultimately and for the economy as a whole the impact will be rather limited especially because as mr draghi just pointed out the uncertainty is coming from geopolitical issues from trade uncertainties from protectionism and there actually a marginal adjustment in monetary policy stance cannot do that much ok so you don't see this as a major shift this is this is just tinkering around the edges it's a major shift if you look at a