In Germany, while interest income is on a slight decline, employee compensation and dividend income are rising by a wider margin, and disposable income has roughly doubled from the amount of the early 1990s.
Monetary policy is conducted at the European, supranational level, whereas most other areas remained largely under national sovereignty. Would that asymmetry matter? There was a broad-based understanding that no tensions would arise, because: •  First, fiscal safeguards were set up. The Stability and Growth Pact should ensure solid and sustainable public finances.