The bigger issue with secular stagnation is not that Europe would have soon a recession; it’s that Europe and the wider world might grow at a very slow pace. It remains a relevant discussion because the big question is: are we going to grow at a low rate of maybe 1% a year? Or are we going to see a better performance than that?
But no, it will not bring about the downfall of mortgage banks, banks or homeowners. The Danish mortgagecredit system is far too stable for that. *** Thank you for your attention. 4  BIS central bankers’ speeches