Lowering interest rates by -let’s say- 25 basis points is not going to boost the Dutch economy very much, if I look at this chart…

From the Overview Financial Stability recently published by the Dutch Central Bank:

“The low risk-free interest rates are currently only partially working their way through to the funding costs of Dutch businesses and households. In the years before the credit crisis, Dutch banks were able to raise finance at around the risk-free interest rate, but since the crisis the risk premium demanded by investors for market funding has increased and become more volatile. This pushes up the funding costs for banks and makes them more vulnerable to refinancing risk than in the past. This can prompt banks to restrict lending by imposing higher interest rates on new loans.”

‘can prompt’. Understating it.

(source: http://www.dnb.nl/en/binaries/OFS_Spring_2013_web_tcm47-289597.pdf)