The rise in the household savings rate in the United States and the euro zone: A highly negative consequence of the uncertainty generated by economic policies?

Since 2018, a ris ing household savings rate in the United States and the euro zone has weakened consumption despite the relatively rapid growth in household incomes. It can be attributed to the uncertainty created by economic policies: U ncertainty over future incomes due to the very low interest rates; U ncertainty caused by the trade war between the United States and China, Brexit, geopolitical tensions (Iran) and recurring political uncertainties in Europe. For stimulatory economic policies to boost the economy, they would have to not be implemented in a context of high uncertainty.