In particular, weak national insolvency frameworks and slow judicial systems made write-offs and resolution of bad loans a more negligible source of debt reabsorption in the euro area, 4  BIS central bankers’ speeches  especially compared with other post-crisis experiences, such as that of the US or the UK. All this has contributed to continuing savings and investment imbalances.
The final component affecting long-term interest rates is the term premium. Here too longerterm forces have mingled with more cyclical dynamics connected to the financial crisis to push nominal interest rates down.