However, easy availability of funds on the back of historically low level of interest rates proved to be the real catalyst for the subsequent sharp growth in credit to the manufacturing sector and eventually proved to be the real determinant of high GDP growth.
Quite the opposite, in fact – monetary policymakers protect savings from devaluation through inflation, in part by deciding on an appropriate monetary policy stance while remaining independent. Over the long term, this is also in the best interests of savers. But we shouldn’t forget that citizens are not just savers.