When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Friday, April 19, 2013

ECB Survey Challenges Image of Poor Southern Europe

ECB Survey Puts Southerners on Top in Household Wealth, Germans Near Bottom

ECB Survey Challenges Image of Poor Southern Europe - WSJ.com: "German households are among the poorest—on paper, at least—in the euro zone, according to a study by the European Central Bank that adds a new twist to the debate over how far taxpayers in Northern Europe should go to support weaker countries. The ECB's findings, released Tuesday, don't give the full picture of a society's living standards, which are affected by things like social protection and infrastructure as well. It also is based primarily on data from 2009 and 2010—early days in the still-festering euro crisis. Most significantly, the report doesn't adjust for differing rates of homeownership, which is particularly low in Germany. Nevertheless, the report offers a reminder that citizens in some of the countries hardest-hit by Europe's debt crisis aren't as bad off as many believe."

    

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