5  Germany and Italy, among others, lagged behind in terms of growth of both productivity and GDP, even if the former was able to engineer a strong comeback just before the start of the global financial crisis.
6  During those years the debate was initiated by Summers (2013, 2014), who resurrected and adapted the theory of secular stagnation first put forward by Hansen (1938). For a thorough discussion see also Pagano and Sbracia (2018). 2  affected households’ and businesses’ saving and investment decisions.