The reason Japan has had no economic growth over the past 20 years has nothing at all to do with the Bank of Japan and everything to do with its aging and declining population. All the monetary tinkering can't generate increases in aggregate demand in the face of decreases in aggregate human activity and population.It's not surprising if Europe is facing this. Maybe the US is facing it too, but not yet. Maybe most countries will be facing it in time.
However, this isn't the worst thing that could happen--that growth slows to a pittance and we end up in a steady state. Endless population growth and population pressure seem much more frightening to me. But perhaps that's just a prejudice of mine--preferring a leveling off or decline in population to increasing population. However, I think it's more than just a preference. I have to wonder whether the Japanese are suffering from their population and productivity decline, and compare that with places where overpopulation is a problem. When I look at Japan versus Bangladesh, Pakistan, the Philippines, Nigeria, and others, I see much less suffering in Japan. In countries with high population growth, I see a lot of current suffering and a bleak future.
Instead of fearing slowing growth, we should be figuring out how to manage it for the best outcome possible. But even without the best management, we're better off than if we were among the 40% (and growing) number of unemployed in Kenya.