Where countries have room for fiscal manoeuvre, lowering rates  BIS central bankers’ speeches  1  increases the scope that can be used to support growth, particularly by increasing investment.
Where countries do not have this room for manoeuvre, such as France, my advice would be to use the lower rates to lend credibility to debt reduction, rather than to increase spending or cut taxes. However, that’s not a matter for the ECB to decide. It’s the European Commission that is the guardian of the fiscal policy framework in the euro area.