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The 48-year-old warned of the risks that came with extending the ECB's low interest rate policy beyond next March: "The longer the low-interest phase continues, the bigger the risks of an ultra laid-back monetary policy.
We note though: the re-emergence of hybrid bonds in the market; prospects for continued low interest rates for the short term; and the phasing of price controls means that the timing for any corporate activity is favourable (early in a five-year cycle) and sophisticated mezzanine finance used in highly leveraged transactions is available.
Growth pessimists, including Larry Summers of Harvard University, reckon a new phase of "secular stagnation" (low growth, low inflation, low interest rates), akin to Japan's malaise, might infect the West at large.To spot which view is right, and get an early hint of rate rises in 2015, savvy investors should study labour markets even more closely than growth and inflation.
Your main challenge over the next five years is to wean the UK economy off the current policy – very low interest rates and periodic injections of quantitative easing, which has sustained us through the crisis and the early phase of the recovery.
4. Low interest rates.
Was it low interest rates?
Historically low interest rates have depressed income.
Low interest rates are here to stay.
But low interest rates have changed that.
Low interest rates have weakened its books.
Britain has low inflation, low interest rates and low unemployment.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com