This paper examines the real return that households in large euro area countries achieved with their financial portfolios since the onset of the euro. A newly compiled dataset shows that, contrary to widespread belief, overall real returns did not decline in the low interest environment. Indeed...

The current sovereign debt crisis is widely believed to have been caused by insufficient budget discipline. However, the financial sector accounts reveal that public as well as private borrowing in the euro area was dwarfed by the synchronised explosion of assets and liabilities of financial...

The long-term financing of social security faces considerable problems which give rise to the question whether wages can and should continue to serve as the only assessment basis for social security contributions. The calculation of, at least, the employers' contributions on a broader value...