And if the banks lend heavily to enterprises and households as well, they even receive a premium on the funds borrowed from the ECB. Just to remind you, up until a few years ago, policy rates were much higher, and far tighter restrictions were placed on money borrowed from the ECB.
Return to education in bad times may be rational In recessions young workers exit the labour force more than other age groups. In many cases the young return to education, which may be a rational choice considering the lower opportunity cost of studying (expected value of job search is lower). Also a higher educational level improves labour market prospects for the worker.