And the purpose of our measures is to help steer the economy back on to a sustainable, long-term path. This is not only in line with our mandate under the Treaty. It is  2  See Deutsche Bundesbank: ”Nothing new about negative real interest rates on deposits”, http://www.bundesbank.de/Redaktion/EN/Topics/2014/2014_06_30_nothing_new_negative_interest_rates.html. BIS central bankers’ speeches  3  also in the best interest of savers.
A stagnating economy does not generate returns for savers. Indeed, paradoxically, in a stagnating economy, savers complain about low returns, while borrowers complain about too restrictive credit conditions. In a chronically stagnant economy, this imbalance between the two sides of the credit market is bound to last and become entrenched.