A protracted period of deleveraging in the euro area, similar to the one which occurred in Japan in the 1990s, could also have pushed the natural real rate down, even into negative territory,  9  See M. Draghi , 2015. “The ECB’s recent monetary policy measures: effectiveness and challenges”, Camdessus Lecture, International Monetary Fund, Washington DC, 14 May.
BIS Review 163/2009  1  Why is financial inclusion important? 5. Why is financial inclusion important? It is important simply because it is a necessary condition for sustaining equitable growth. There are few, if any, instances of an economy transiting from an agrarian system to a post-industrial modern society without broad-based financial inclusion.