The OECD has settled in an equilibrium with very low interest rates: An exit from this equilibrium would cause a drastic crisis

The fact that interest rates are very low and have to remain so in OECD countries has led to a new equilibrium: High debt ratios are not a problem, due to the fall in interest paid on debt; Investors have accumulated massive amounts of bonds with very low coupons; The valuation of financial assets and real estate is quite high; Inefficient companies (zombie firms) survive without any difficulty. If interest rates were to rise unexpectedly (for example due to a change in the functioning of labour markets), the shock would be terrible: excessive debt, capital losses, falling asset prices, bankruptcies. This would probably lead central banks to change their monetary policy objective , as in Japan .