So, let me say that when we ease monetary policy, or let’s say when there’s a cut in interest rates, one mechanism which Olivier has referred to there is: how do people respond in terms of their savings behaviour to a lower interest rate.
I think the bigger challenge is indirect: if the lower interest rates lead to more investment, more spending in the economy, then incomes go up. So let’s say you get a 5 percentage point increase in income. If you decide to save more of that, it’s still going to be partial, most of that increase in income goes through to consumption.