Likewise in Australia, housing equity withdrawal was only a phenomenon that occurred in the early to mid-2000s (Kent, 2015).
Starting with the problem of the right sequence, it should be reminded that an environment of extremely low interest rates and ample liquidity aims at favouring borrowers and penalising lenders, over the medium term, when the policy is reversed. On the other hand, most of the unconventional measures put in place are designed to stimulate lending, to convince savers to hold risky longer-term assets.