Recommending policies is one thing, forcing it is completely different. As far as recommendations go, we're already doing it but it isn't of much help. In the end, a country is going to do what's the best for it's economy. If having a high enough rate provides investors with a sense of stability and less likelihood of succumbing to negative interest rates and attracts them, that's what the central banks should do. When it comes to forcing them, I don't think that any country is going to give up it's sovereignty to please the Federal Reserve in USA. Statistically speaking, we have already seen that having a common central bank for a group of countries like the ECB works OK for some and doesn't work at all for others. It's extremely ineffective and handicaps what a country can and cannot do. I don't think that it's ever going to be a good idea. After all, why should a country have to suffer because of some other country's lousy policies. In this case in particular, rates are already ridiculously low and lowering them further isn't even going to stimulate the economy. Instead you should hold the rates steady and wait for the market to cleanse off it impurities, i.e. those companies that are running in 'growth of user base at any cost' mode and don't really have a significant demand or a path to profitability because these are the companies that can lead to supply shortages for every other company, while also putting a dent on profitability/earnings of other good companies that do actually have a sustainable business model.
