In addition to these secular forces, more cyclical factors linked to the financial crisis have been a 3/7  BIS central bankers' speeches  drag on real interest rates. In particular, the euro area has faced a massive debt overhang in the public and private sector, resulting in a severe “balance sheet recession” and a tightening of credit conditions.
This has required a substantial amount of deleveraging, which in turn reduced investment, prolonged the downturn and weighed on the real interest rate.