Michael Mackenzie is certainly right saying that central banks are storing up problems by maintaining orderly credit markets /FT, 2 May 2020/. His forecast is also likely to come true, the corporate debt burden will be greater and the pressure to keep rates low will only intensify.
It might pose a threat to the stability of the financial systems of the developed world later.
Nevertheless, there is a clear way out of the trap. Governments and central banks can change the whole structure of finance.
Via digital central bank money, they might be the only banks in town with unlimited resources.
Governor Matolcsy, MNB, the Central Bank of Hungary