An earlier study by the ECB showed that, in many cases, methodological differences between the European and the corresponding US PEIs can be adjusted for, ultimately enabling the compilation of comparable macroeconomic statistics for both economic areas. 10 In this context, “comparability” means the application of the same statistical measurement concept.
It does not necessarily imply that the comparative analysis of the two economic developments is straightforward, because the institutional framework in the countries may differ significantly. The comparison of harmonised household saving rates between countries with predominantly pay-as-you-go pension schemes and those with predominantly funded schemes is a case in point.