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By Bruno COLMANT, Member of the Royal Academy of Belgium
What will be the level of interest rates? It's easy to guess, but it is crucial to analyze the outlook in light of the work of economists such as Irving Fisher and Hyman Minsky.
Global private and public debt has never reached such alarming levels as we are currently experiencing, surpassing even 2.5 times the global GDP. This situation is partly a result of the monetary response to the crises that have shaken the global economy since the 2008 financial crisis, including the banking crisis, sovereign debt crisis, COVID-19 crisis, and geopolitical tensions.
Central banks have been forced to refinance heavily indebted governments. They have lowered interest rates to...
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