But it’s fair to say that citizens are not just savers – they are also employees, property owners and taxpayers. And as such, they benefit from the low interest rates. Of course, interest rates will also gradually pick up as monetary policy returns to normal. But what level they will ultimately reach depends on conditions that monetary policy cannot create.
And we also need the wisdom to make corrections if need be. After all, the financial system is evolving relentlessly. “Good regulation” will thus always be a work in progress. This marks the end of my introductory remarks. I look forward to our discussion. BIS central bankers’ speeches  3