If refinancing operations are conducted over an extended period, there is a risk that the central bank would replace the market and the consolidation process of the system is delayed. In other words, some banks may become addicted to the liquidity provided by the central bank and have no incentive to sort out their own accounts and to recapitalise.
Weak income growth can run below consumption growth for a time, but not forever. If households start to see this weakness in income growth as permanent, they are likely to change their spending patterns in response.