In the long term, if interest rates continued to be this low, that would not be good news for the euro area. But that has nothing to do with monetary policy. It would mean that growth and potential growth had not picked up, which would affect the real return in the economy, the return of investment projects.
We don’t want to be in that situation. That is why the Eurozone needs to support investment as much as possible. Monetary policy can only contribute to this. We have seen some public initiatives, like the Juncker plan, that go in the right direction. The IMF is more outspoken than the ECB in asking countries with fiscal space, i.e. Germany, to invest more.