For many of the problems that are currently the subject of intensive debate at savings bank conferences around the country will not impact in full until a later date. I refer, in particular, to the prevailing low-interest-rate environment. Lower interest margins started to impact on savings banks back in 2016, doing so in the form of reduced interest income.
I don’t know if anything will come of it, but I do think there is an important point here. The virtue of price stability as a private good is a case that hasn’t been won yet, or at very least we have failed to explain the implications of low inflation at the individual level.