Some Germans have complained a lot in the past year about the European Central Bank's low interest-rate policy, arguing that it is robbing savers of the fruits of their frugality. Now the ECB is hitting back. The beleaguered savers' argument goes more or less along these lines: The ECB’s monetary policy has depressed the return on funds saved by the euro area’s northern citizens, all the while showering the economies of the periphery with cash. The issue touches a Teutonic nerve, as the virtues of saving have been promoted in Germany for decades and citizens still salt away a higher proportion of their income than ... (full story)