Criticism of the extremely low interest rates of the European Central Bank continues unabated, especially in Germany. Georg Fahrenschon, president of the association of savings banks, has even accused the currency guardians of expropriating German savers. Another regional savings bank chairman said the ECB is no longer a neutral arbitor.
Mario Draghi, the ECB’s president, refuses to let these charges go unanswered. In an interview with the German daily Bild newspaper, he suggests savers put their money in more profitable investments:
“We are quite aware of savers’ predicament. Not only in Germany do savers have to live with low interest rates,” he said, arguing that alternatives to the savings book can bring “good returns.”
Nor is he backing down from his policies. In response to the question as to when interest rates will once again rise, the former investment banker from Goldman Sachs said: “Quite simply: When the economy is growing more strongly and inflation is once again closer to our goal.”
Anyone who doesn’t want to wait so long must indeed take action.
So where are these “good return” alternatives? Handelsblatt went on a search for the best options – both for Germany and for other struggling savers around the world.