First, what matters for savers is not nominal returns on liquid assets such as deposits, but real returns – i.e. what those returns actually buy – on the portfolios of assets that most households hold, which include for example shares.
6 / 17  BIS central bankers' speeches  All in all, the current situation is much improved, but economic reforms in the goods, capital and labour markets which remove barriers to competition and increase market flexibility are essential for the smooth functioning of the Economic and Monetary Union (EMU).