(Has the low euro nominal interest rate regime permanently lifted equilibrium house prices? Are real costs of construction permanently and unavoidably higher? Or are prices still elevated relative to their likely long-term trend? I won’t speculate further.) Equity prices also fell sharply (especially banking equities on which some older middleincome people were relying for dividend flow to sustain living standards).
The bursting of the bubble has had other long term wealth distributional effects. (d)  Public debt: slow build-up in the 1980s, sudden jump in the 2000s  Here the contrast in dynamical sequence is quite interesting.