A frequently-heard complaint in Germany is that savers are worse off. Those who also have every right to complain are those who lose their job because the economy is too weak owing to inadequate policies. Can the ECB afford to run counter to the ideas on monetary policy in the largest country in the euro area, Germany?
Since the global financial crisis, many  BIS central bankers’ speeches  1  countries have taken various steps to enhance their capacities to cope with external risks, for example by strengthening macroprudential policies, improving exchange rate flexibility and increasing their foreign reserves.