frederic malherbe, a real pleasure having you on the show.'ll start with this, fred — what action do you think central banks should take to, well, to make sure that banks pass on higher rates to savers? that's an excellent question. so here's — here's the situation at the moment. for instance, in the uk, banks can get your money. you save their money with your money with them and they park it at the central bank, and they earn they earn 4% and they typically only give you i%. so, for every £100 that you save with them, they earn annually £4, they give you £1, and keep £3 for the bank. and in the context of the cost—of—living crisis in particular, i don't think this is good. i think this is a problem. and what the central bank could do is actually to make those interest payments to the bank conditional on those rates to be passed on to savers, so in practice, they could impose a maximum margin. what does that mean? well, they would tell the banks, "we will give "you 4%, but only if you give at least 3%, for instance, "to the savers". it's quit