The low interest rates environment [Slide 4] Following the financial crises, the return to economic growth has been slow in many regions. This is explained in part by some of the long-term forces that existed already before the crisis, and partly by the effects that resulted from the crises.
[Slide 5] The potential long-term causes are related to ageing populations, and changes in the pace of technological development, which drive productivity gains. [Slide 6] 1/5  BIS central bankers' speeches  While the demographic trends are evident, a persistent decline in productivity growth is only one hypothesis. There are also more optimistic ones.