We have no real estate bubble in the euro area and the banks have a much stronger capital position. Fiscal policy has far more leeway and, even if demographic developments in the euro area are not good either, they are still far better than those in Japan. While it may be tempting to draw parallels, the euro area is not Japan.
You mentioned the state of the banking sector. Is it really that good? Judging by equity prices, investors do not seem convinced. 2/6  BIS central bankers' speeches  Speaking of the negative side effects of persistently low interest rates on financial stability, I see two main risks at the moment, one of them being the area of asset management.