Worrying about getting too close to the lower limit for nominal interest rates cannot be a reason for inaction. The experience of the United States in the 1930s and of Japan in the 1990s suggests that in the initial stages of the crisis it is necessary to counter the tendency of real interest rates to increase.
But borrowing to invest in education, to invest in new technologies, to invest in research and development, to improve the factors of production in general, that’s a good investment, because it strengthens the economy and, by boosting growth, paves the way for job creation and improves the situation of households. And to invest in ecological transition.