This could be regarded as a transfer of wealth from debtors to creditors. It has led to some discussions about the distributional aspects of monetary policy. However, one should bear in mind that the central bank's ability to influence longer-term interest rates is often a crucial feature of monetary policy because longer-term interest rates are important for economic activity.
Hence, distributional effects may be knock-on consequences of the conduct of monetary policies. The extremely low policy interest rates around the world have to be understood in the context of very low inflation and high private demand for financial assets – the counterpart to high savings and low investments in the private sector.