Probably, the retarded reaction of productive credit to a change in economic conditions will be even more delayed this time, as households and companies, as well as banks, are trying to reduce their debt.
These favorable outcomes may be partly because significant shares of deposits at central banks in these countries are not subject to  11  The Europeans have long been intrigued by the possibility of negative rates, beginning with Gesell’s stamp scrip proposal in 1906 and some apparently successful experiments with stamp scrip in Austria in the 1930s.