Quite the opposite, in fact – monetary policymakers protect savings from devaluation through inflation, in part by deciding on an appropriate monetary policy stance while remaining independent. Over the long term, this is also in the best interests of savers. But we shouldn’t forget that citizens are not just savers.
They are also taxpayers, workers and borrowers – and from this perspective, low interest rates are not always a bad thing. It is also true, however, that ultra-accommodative monetary policy entails risks and sideeffects, and these will continue to grow the longer money remains cheap.