Since interest rates are already at extremely low levels, room for a further decline by monetary easing is naturally limited. However, that does not suggest that monetary easing has reached its limit. Because, for firms, the level of funding rates matters in its relation to the rate of return.
Since then, there has been a growing awareness that the supply side plays a predominant role, where investment is a guarantee of a sufficiently high and modern capital stock and is a prerequisite for growth. In the 1980s and 1990s the focus has again shifted somewhat in Europe.