Euro-zone interest rates are low because of the recent recession and the fragmentation of the region’s financial market, and it’s not fair to blame the European Central Bank for them, says executive board member Benoit Coeure in an opinion piece published Monday in Handelsblatt.
Complaints that the ECB’s policy favors debtors over savers are becoming ever louder, he writes in the comment for the German daily.
“In countries such as Germany, there is even talk of a ‘cold expropriation’ of those who put aside money for their retirement,” the ECB executive notes.
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