In April, an ECB survey caused a furore by suggesting that whereas median net household wealth was just over €50,000 in Germany, in Greece the figure was just over €100,000, in Spain €180,000, and in Cyprus over €260,000. You can imagine how that went down on the Cologne Omnibus.
In fact, this evidence is highly mis-leading because all sorts of assets were not included which figure particularly strongly in Germany, notably state and occupational pension wealth.
We’re therefore excluding from our calculation of German household wealth the largest asset that almost all of those households will have. The current value of their future pensions. Agreed, we are also excluding this from the Spanish and Cypriot etc numbers, but pensions benefits in those countries will be very much lower than they are in Germany.