The European countries save by the low interest rates, large sums of money in its debt service. According to a statement by the Bundesbank, the Federal government, Länder and municipalities from 2008 saved up to and including 2018, at almost 370 billion euros. This sum is obtained when one compares the current level of interest rates with the higher interest rate level of 2007, before the global financial crisis erupted and the Central banks responded with the policy of low interest rates. For several years, the key interest rates of the European Central Bank (ECB) to be zero. The average rate of interest on German government debt fell from 4.2 percent to 1.5 percent.
Almost as much as the German state, France’s state benefited from the falling interest rates, which fell from an average of 4.4 to 1.9 per cent: France, interest savings in the state budget amounted to 350 billion euros, the Bundesbank calculation. The heavily indebted Italian state, for which the average interest rate fell since 2008, from 4.9 to 2.8 percent, ‘ve saved 260 billion euros. For all States in the Euro area, the Bundesbank’s calculation of the interest savings over a decade, with a 1.4 trillion Euro. Alone, 2018 230 billion euros. The total savings compared to the pre-crisis level of interest rates is a little more than one-tenth of the gross domestic product. Relatively saved from the great countries of Italy and France with 15 percent of the GDP at the most.