Euro zone: Can all the costs of zero interest rates be eliminated?

If the ECB wants to keep interest rates at zero for a long time, it must show that it is possible to eliminate the costs of zero interest rates: The shift of savings to monetary assets: this is difficult to eliminate; Excessive debt and bubbles: an active use of macroprudential policies would be needed; Weakening of banks: this is difficult to correct; The appearance of zombie firms: we cannot see how this can be avoided; Significant capital outflows: capital controls would have to be accepted. We see that most of the drawbacks of zero interest rates seem impossible to correct. This calls for a return to a less expansionary monetary policy in the euro zone, counterbalanced by a switch to a more expansionary fiscal policy.