Ravensburg (dpa / lsw) - The savings banks in the southwest expect a longer phase with rising prices in the next few years. "Inflation is here to stay," said Peter Schneider, President of the Baden-Württemberg Savings Banks Association, the "Schwäbische Zeitung" (Saturday).
For Schneider, the European Central Bank (ECB) is primarily responsible for the fact that the current crisis has pushed inflation to its highest level in almost 50 years in recent weeks. "The current high inflation rates are a clear consequence of the ultra-loose monetary policy of the past few years," said Schneider. The focus of the decisions is not on monetary stability, but on the debt sustainability of the euro member countries. "The citizens will have to pay for it - with high and long-lasting inflation rates."
Schneider sees the danger of social upheaval as a result of the devaluation of assets. "Even today, around 40 percent of private households are no longer able to save. For them, the monthly income is just enough to cover their expenses," explained the savings bank boss. Due to inflation, this rate is shifting towards 50 percent.
