In addition, in most countries there is a high degree of downward wage rigidity, which is a further impediment to rapid adjustment. Accumulation of private and public sector debt in some countries Moreover, the persistently higher inflation rates in some countries implied persistently lower real interest rates, particularly in light of the high degree of convergence in terms of nominal lending rates.
Peter Praet: The European Central Bank's monetary policy - past and present Speech by Mr Peter Praet, Member of the Executive Board of the European Central Bank, at the Febelfin Connect event, Brussels/Londerzeel, 16 March 2017. * * * In recent years it has been often said that the ECB has become the “only game in town” for stabilising the euro area economy.