The world's central banks should take a deep breath and step back from the calamitous misadventure of negative interest rates.

Whatever theoretical profit can be mined from this thin seam, it is entirely overwhelmed by the slow ruin of the banking system.

Huw Van Steenis, from Morgan Stanley, calls negative rates (NIRP) a"dangerous experiment" that undermines the mechanism of quantitative easing rather than reinforcing it, and ultimately induces banks to shrink their loan books - the exact opposite of what is intended.

• Negative rates a 'dangerous experiment' as monetary policy hits buffers

The market verdict on the Bank of Japan and the European Central Bank speaks for itself. Bank equities have crashed by 32pc in Japan and by 26pc in the eurozone since early December.