Funding pensions reduces aggregate demand:
Long term loans to banks do nothing for the macro economy and negative interest rates are a tax:
Mario Draghi signaled that the European Central Bank expects to rely on long-term bank loansand tweaks to its negative interest-rate policy as a first defense if officials need to intensify their fight against the economic slowdown.
The comments came as the ECB president warned that euro-area growth has cooled further this year and could yet worsen. In a sign that hopes of a second-half rebound are fading, he said the weakness “will extend into the rest of the year.”