What do you say to those people who put money to one side month by month in order to be able to afford a little something when they get older – but whose plans won’t work out now because of the zero interest rates? We have studied how the low interest rates affect the disposable income of households, including in Germany.
People not only earn interest on their savings, but they also borrow money – for example, if they buy a house. And the results show that the advantages offset the disadvantages. So there’s no reason to complain? Yes there is, because of course not everyone benefits. All monetary policy decisions have 1/3  BIS central bankers' speeches  undesirable distributional effects as well.