Perhaps it is not surprising, then, that attempts to distil empirically the effects of changing demographic structure on asset prices and returns in the past have had mixed results. Some studies do find a significant relationship but others don't.
As we now know, that hope was not fulfilled. The safeguards installed to ensure sound public finances, such as the Stability and Growth Pact and the no bail-out clause failed to keep public debt in check. The framework also had its blind spots.