For the euro area this means that additional steps need to be taken, alongside supporting demand, to address the other two factors holding back investment: the debt overhang and fragile confidence. BIS central bankers’ speeches  3  So what does this entail? Let me highlight two points in particular. First, structural reforms clearly have to be part of the equation.
Anyhow, appropriate risk management for interest rate, inflation and longevity risks are needed, cf. Slide 11.