BIS central bankers’ speeches  11  rates in real terms before the global financial crisis, but have shifted to negative interest rates in real terms after the crisis. The shift is likely to be a response to a lower global interest rate and large capital inflows.
16  Countries do not make the necessary fiscal adjustments to stabilize their debt dynamics. There is no stabilization in debt-to-GDP ratios by 2015. In the “framework” scenario, debt/GDP in the United States stabilizes around 75 per cent of GDP. In this “do nothing” scenario, U.S. debt/GDP would reach about 95 per cent of GDP by 2015.