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Negative real rates are negative real rates. The yield has been dropping in the Euro area for twenty years:

* https://www.ecb.europa.eu/stats/financial_markets_and_intere...

For a while you could get mortgages with negative rates:

* https://www.theguardian.com/money/2019/aug/13/danish-bank-la...

Too much spending has generally not been Europe's problem.



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