Let me put it clearly: if large swathes of our society can no longer manage with their long-term, planned savings, then our society has a serious problem. Significant distortions are even being caused by the monetary policy setting. We can see this most obviously in the area of government debt. Current monetary policy has made government borrowing artificially easy.
This cannot be the spirit of sustainable government finance. In addition, the low interest rate level in the periphery countries of the euro area means that urgently needed structural reforms can be postponed.