So we have every reason to believe that, with the impetus provided by our recent measures, monetary policy is working as expected: by boosting consumption and investment and creating jobs, which is always socially progressive.
And importantly, we do not see any signs of another claim one sometimes hears: that low interest rates on savings are causing households to increase saving to maintain their lifecycle saving targets, thereby causing our policy to backfire. Since June 2014, there has only been a meaningful rise in the household saving rate in one large economy, Germany.