In particular, because defined-benefit pensions are considered part of the “personal sector”, employer contributions to such plans are included in disposable income, as are the interest, dividend, and rental incomes received by these plans. In contrast, benefit payments to individuals are not part of personal income because they are considered intrasectoral transfers.
The high credibility and success of the single monetary policy in the euro area rests on two cornerstones: the institutional framework of the ECB enshrined in the Treaty establishing the European Community, and the ECB’s stability-orientated monetary policy strategy.