It's pretty far away from monetary policy and inflation. But in respect of consumer well-being and confidence, what we've seen through this cycle is an increase in savings rates. It's clear that consumers' households have responded to that uncertain environment in a way you might expect. As to the form this will ultimately take, it will likely involve self-saving in private plans, public-sector plans, and revisions to private plans that companies offer. It does seem as though we are looking to the future and becoming better prepared.
On October 29th, 2013. See this statement in context.