One danger of low interest rates is that they reduce the incentive to spend wisely

When interest rates are very low, economic agents may lose the incentive to try to make wise (efficient) spending choices , since borrowing costs are very low. For example, in the public sector at present : Fiscal deficits are financing current public spending or household tax cuts (France, Italy in 2019); Inefficient public investments are being made (China, Japan). In the private sector in the OECD: Zombie firms continue to receive credit; A fresh real estate bubble is being financed.