Besides the said income effect, the move to finance state pensions from public resources also has a substitution effect: the positive effect that continuing to work would have on the level of a pension would be less if this pension were subject to tax. However, our research shows that, on balance, funding state pensions from public resources would stimulate older workers to stay on.
4  Table 2 Deposit Guarantee Schemes in the EU and the US (EU 2012 figures in euro, US 2014 figures in US dollars)  Source: European Commission, “Towards a European Deposit Insurance Scheme”, 9 November 2015. EDIS requires only € billion on behalf of Germany to create the common pot of € billion, a country that is dragging its feet on the issue.