Interest rates also drive the discount rate used (implicitly or explicitly) by house purchasers in valuing the future stream of housing services. As seen in many countries around the world, low global interest rates post GFC have contributed to strong asset price growth, particularly in financial assets and in housing markets.
This perception is incorrect. Therefore, in my opinion, it is not only necessary, but important to debunk this idea, stressing that:   first, international economic developments were much more adverse than previously expected, which had very negative consequences for exports, investment, economic activity and, consequently, fiscal revenues and expenditure and public debt.