Jamie Dimon, chief executive officer of U.S. banking giant J.P. Morgan Chase, told CNBC that lowering interest rates is not a game-changer in driving up borrowing and lifting economic growth.

“I think when they did it earlier on, there was a notion that we are saving the European Union, the monetary union, which is one thing. I think as a permanent part of policy, it is a really bad idea. It has adverse consequences which we do not fully understand,” he said on Monday.

Dimon joins the ranks of an increasing number of business executives and economists speaking up against adopting such a policy for long, as central banks around the world try to boost growth by continuing to slash interest rates, some into negative territory.

“If you want to have growth you better really think through with the policies, not just on negative rates but capital allocation et cetera,” he added. “So, I hope it doesn’t happen in United States.”

The European Central Bank last month pushed rates deeper into negative territory, while the Bank of Japan appeared to be laying the groundwork for a similar move.

Dimon, however, said the level of interest rates is not what he’s most worried about now. Instead, plummeting business confidence - caused by the U.S.-China trade war and other geopolitical events - appears to be a bigger risk, he added.