Is fiscal dominance bad?

Both Japan and the euro zone are in a situation of fiscal dominance: the central bank keeps monetary policy highly expansionary to ensure fiscal solvency (and also to prevent the crisis among banks and institutional investors that would result from losses on their bond portfolios). Interestingly , this policy of fiscal dominance can weaken growth: It keeps inefficient companies alive; The very low interest rates enable inefficient, low-yielding investment to be made ; It diverts savings into financing fiscal deficits at the expense of efficient productive investment.