In other words, it is possible that the potential growth rate of Japan’s economy has declined, especially after the Lehman shock. This is because manufacturers’ stagnant fixed investment in Japan led to a slowdown in accumulation of capital stock, which in turn decreased labor productivity.
This notwithstanding, the European Central Bank has decided in favour of a full remuneration of minimum reserves in order to avoid the potential distortions to fair and efficient markets that a less than full remuneration could have implied. As a result, the minimum reserve system is unlikely to lead to any delocation of certain parts of the reserve base, hence of savings.