The market must simply be anticipating interest rates going even deeper negative, especially in the EU, where there's a huge amount of sovereign debt, collatera

The market must simply be anticipating interest rates going even deeper negative, especially in the EU, where there's a huge amount of sovereign debt, collateralized across different countries. The "natural" demand is there in the form of reserve requirements by European banks. This is limited by the amount of cash that banks can store at cost, but that practice can restricted or eliminated: https://www.imf.org/~/media/Files/Publications/WP/2018/wp18191.ashx https://www.imf.org/~/media/Files/Publications/WP/2018/wp181...