Could be a component, just like in Germany. When your central bank rate is zero:
* https://tradingeconomics.com/euro-area/interest-rate
And your borrowing costs are negative going out thirty years:
* https://ca.investing.com/rates-bonds/germany-government-bond...
That's a pretty good indication that spending should increase.
Demographics is often said to be a major component. The older a population is, the less spending there tends to be, which tends to impact economic growth, and has a pretty good correlation with (low) interest rates:
* https://financialpost.com/opinion/the-natural-rate-of-intere...
* PDF: https://www.fraserinstitute.org/sites/default/files/why-are-...
While this strategy in the short term dramatically increases capital investment in a country in the long term it seems to come with a demographic drag. Workers simply stop having children as they are the largest consumption driver. Long term this creates profound demographic changes that ultimately are culturally fatal.
Maybe the solution could be to run an unbalanced book. Money and debt are often created together, but if all actors of the economy really want to be cash positive, then maybe it calls for having more money than debt.