The considerable advantage of countries whose public debt is considered risk-free

The level of risk perception will probably remain high, due to protectionism and political and geopolitical tensions. The result is that the interest rates of countries whose government bonds are considered risk-free will rem ain low. So these countries have a marked advantage compared with the others, which they should not lose by taking advantage of this situation to conduct abnormally expansionary fiscal policies (in the United States, Japan and France?), or by letting the low interest rates give rise to asset price bubbles or excessive private sector debt , in the absence of sufficiently restrictive macroprudential policies.