It's funny how these things work. Behind the sceenes the big credit companies are so interconnected, everyone owes everyone, that if we have a few bankrupcies among major bank and loan firms the whole financial sector could come crashing down like a house of cards, as the estimated value of their loans plummets to nothing.
The european economy has been going from strength to strength these last years though, and there are no indications the European central bank is going to follow suit and lower the rates, quite the opposite they are still worried about inflation as a result of over heating.