Europe’s top banking executives are joining politicians in a wide-ranging pushback against negative interest rates ahead of this month's ECB meeting.

Driving the news: Deutsche Bank CEO Christian Sewing on Wednesday warned that further reducing interest rates, as the central bank is widely expected to do next week, will "ruin the financial system" and have "grave side effects" for the region.

  • UBS CEO Sergio Ermotti also joined the chorus speaking out against negative rates, asserting that they are hurting social systems and savings rates.

The big picture: Ermotti and Sewing’s comments add to growing concerns across Europe that the ECB’s monetary policy is threatening the business of banking altogether and inducing people to stuff money in their mattresses rather than holding it in bank accounts.

  • The CEOs join financial authorities from Germany, Denmark and Norway who have recently spoken out against the deleterious effects of negative interest rates on Europe's banks.

What to watch: The disquiet has even reached the ECB's expected next president, Christine Lagarde, who promised Wednesday to review the costs and benefits of negative interest rates and bond purchases, though most expect her to continue the policies.

  • In an address to EU lawmakers this week, Lagarde said that while the impact of the ECB’s unconventional tools on Europe’s economy "continues to be positive, we need to be mindful about their potential side effects, and we have to take the concerns of people seriously."

Go deeper: Negative interest rates have hurt, not helped

Go deeper

Justice Department sues Google over alleged search monopoly

Illustration: Lazaro Gamio/Axios

The Justice Department and 11 states Tuesday filed an antitrust lawsuit against Google, accusing the company of using anticompetitive tactics to illegally monopolize the online search and search advertising markets.

Why it matters: The long-awaited suit is Washington's first major blow against the tech giants that many on both the right and left argue have grown too large and powerful. Still, this is just step one in what could be a lengthy and messy court battle.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 5 million infections.

In photos: Florida breaks record for in-person early voting

Voters wait in line at John F. Kennedy Public Library in Hialeah, Florida on Oct. 19. Photo: Eva Marie Uzcategui/AFP via Getty Images

More Floridians cast early ballots for the 2020 election on Monday than in the first day of in-person early voting in 2016, shattering the previous record by over 50,000 votes, Politico reports.

The big picture: Voters have already cast over 31 million ballots in early voting states as of Tuesday, per the U.S. Elections Project database by Michael McDonald, an elections expert at the University of Florida.

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