And reported disposable income is decreased when households pay taxes on capital gains realizations that would not have been so BIS Review 7/1999  –3–  large in less ebullient markets.
No, above all it’s about putting the right rules in place, strengthening the euro area’s institutions and making sure that goods, services and capital markets work better. All of this is in Germany’s interest. And not just because other European countries buy German products, but also because German savings are invested in Europe.