In this spirit, I would like to spend the rest of my time discussing a few of the things that make life interesting for those trying to communicate clearly and effectively about monetary policy.
Chart 24 Household excess savings during the pandemic (left panel: Household excess savings flows, EUR billions (seasonally adjusted), right panel: Stock of accumulated household excess savings (EUR billions, cumulative increase since 2019Q4)  Sources: Eurostat, ECB staff calculations.