欧元区家庭的资产持有情况

Irish Association of InvestmentManagersDublin 9 October 2025 •Drivers of asset supply: private capital stock; capitalised value of profitsand rents; public debt stock •Drivers of asset demand: domestic households; foreign investors•Domestic households: demographics (ageing; longevity; populationgrowth); risk appetite (safety premium); financial literacy; tax-transfersystem (including pay-as-you-go pension systems); income inequality•Foreign investors: institutional quality; liquidity; market scale; tradelinkages; covariance risk (co-movement of euro and global risk)•Auclert et al., Jackson Hole symposium, August 2025•Rachel, Brookings Panel on Economic Activity, September 2025 •Draghi and Letta reports: there is much scope to boost the aggregategrowth rate of the European economy, including by deepening theSingle Market•Faster growth implies an increase in asset supply: needs a matchingincrease in asset demand•Rising public debt also boosts asset supply: needs an additionalincrease in asset demand•Boost household asset demand; boost foreign investor demand forEuropean assets•Savings and investments union; banking union; EU-level bond supply;international role of the euro: in combination with pro-growth economicreforms RubricPotential gains •Sustainable improvement in economic performance•Stronger wealth accumulation by European households•Greater resilience to country-level shocks•Greater resilience to external shocks RubricVenture capital markets RubricHousehold financial assets Household holdings of financial assets(percentages of household gross disposable income in 2023) RubricAsset holdings broken down by instrument Household holdings of financial assets(percentages of total financial assets in Q2 2025 and Q4 2000) (annual gains as percentage of the stock of the year before) (annual gains as percentages of household annual grossdisposable income) RubricHousehold holdings of non-financial assets Euro area and United States housing wealth(percentages of household gross disposable income) RubricFinancial assets of investment funds, insurance corporations and pension fundscorporations and pension funds RubricNet portfolio investment in debt securities RubricEuro-denominated bonds by non-euro area corporations (accumulated flows in EUR billions since the beginning of every year) S&P 500 returns(index, 1 January 2015 = 100) •Encouraging retail participation (SIAs; financial literacy) •Developing supplementary pensions (auto enrolment; IORP Directive; PEPPRegulation)•Market integration and supervision•Promoting equity investment by institutional investors; EuVECA Regulation•Banking sector•[28th Regime] RubricCitations to relevant ECB research •Al-Haschimi, A., Emter, L., Gunnella, V., Ordoñez Martínez, I., Schuler, T. and Spital T. (2024),“Why competition with China is gettingtougher than ever”,The ECB Blog, European Central Bank, Frankfurt am Main, September. •Andreeva, D., Botelho, V., Ferrante, A., Górnicka L. and Lenoci, F. (2024),“Low firm productivity: the role of finance and theimplications for financial stability”,Financial Stability Review, European Central Bank, Frankfurt am Main, November.•Arampatzi, A.S., Christie, R., Evrard, J., Parisi, L., Rouveyrol C. and van Overbeek, F. (2025),“Capital markets union: a deep dive -Five measures to foster a single market for capital”,Occasional Paper Series, No 369, European Central Bank, Frankfurt am Main.•Banin, M., Di Nino, V., Lebastard, L., Lecourt, N. and Schaefer, S. (2025),“Have euro area exports missed the tech train?”,EconomicBulletin, Issue 2, European Central Bank, Frankfurt am Main.•Banu, E., Evrard, J., Schmidt, D.J. and Wedow, M. (2025),“Crossing two hurdles in one leap: how an EU savings product could boostreturns and capital markets”,The ECB Blog, European Central Bank, Frankfurt am Main, June.•Beck, R., Coppola, A., Lewis, A., Maggiori, M., Schmitz, M. and Schreger, J. (2024),“The geography of capital allocation in the euroarea”,Working Paper Series, No 3007, European Central Bank, Frankfurt am Main.•Berson, C., Foroni, C., Gunnella, V. and Lebastard, L. (2025),“What does increasing competition from China mean for euro areaemployment?”,Economic Bulletin, Issue 5, European Central Bank, Frankfurt am Main.•Bletzinger, T., Greif, W. and Schwaab, B. (2022),“Can EU Bonds Serve as Euro-Denominated Safe Assets?”, Vol. 15, No 11,Journalof Risk and Financial Management(see also ECB Working Paper No 2712).•Böninghausen, B., Evrard, J., Gati, Z., Gori, S., Lambert, C. and Schuster, W.E. (2025),“Assessing the economic impact of goingpublic: evidence from firm-level data in the euro area”,Economics Letters,Vol. 256, October.•Böninghausen, B., Evrard, J., Gati, Z., Gori, S., Lambert, C., Legran, D., Schuster, W.E. and van Overbeek, F. (2025),“Should wemind the gap? An assessment of the benefits of equity markets and policy implications for Europe’s capital markets union”,OccasionalPaper Series, No 373, European Central Bank, Frankf