Staying briefly on the subject of the low interest rates, because that is of real interest to many of our listeners who are looking at their savings and life insurance and saying: “What is the ECB doing? Is it 4  BIS central bankers’ speeches  actually conducting monetary policy against me as a saver?” What would you say to them?
I would say that the ECB is not conducting monetary policy against your listeners as savers. I have a lot of understanding for the fact that savers are concerned. I am, by the way, also a saver. But I believe we must not think so short-term, but more middle and long-term.