BIS central bankers’ speeches  5  This decline in economic growth in advanced economies has led some scholars to bring back the concept of secular stagnation which was first introduced by Alvin Hansen in 1938 to portray the decline in U.S. economic growth he envisaged on account of the decline in innovation, population growth and investment opportunities.
At Spain’s bond auction last week, the yield on its ten-year government bonds stood at 5.66%, compared with 6.65% before the ECB announced its new government bond purchase programme. Is the new programme such a success that it is already having an impact before it has even been implemented?