This weakens the no bail-out principle and entails redistribution, which is really the prerogative of fiscal policymakers. Alongside the government bond purchase programmes, the sustained period of low interest rates is also controversial. Incidentally, that is true of many countries outside the euro area, too.
4  BIS central bankers’ speeches  Many savers find the low interest rates and negative real interest rates unfair. Some enterprises, prospective homeowners and governments, on the other hand, probably see them as a blessing. They help them to service their debt and to fund investments cheaply, thus boosting economic activity.