Low interest rates relative to growth: A real tax that maintains real fiscal solvency

OECD countries are now characterised by interest rates that are significantly lower than growth rates. It is important to understand that this is a real tax raised on savers who hold government bond s . Like all taxes, this real tax provides countries with real fiscal solvency. Below-growth interest rates constitute a genuine tax effort that maintains genuine fiscal solvency. The question is therefore whether this tax (on savers and banks) is more or less efficient or dangerous than other taxes: inflation tax; an increase in direct taxes, social contributions or VAT .