ECB's Bini Smaghi on ageing and pension funds

In the speech 'Ageing, pension funds and household wealth allocation in the euro area' given on 15 November Lorenzo Bini Smaghi of the ECB said shifts in households' financial investments and liabilities complicate the ECB's analysis of money and credit growth.

"Changes in the size and composition of household financial assets and liabilities make the analysis of monetary and financial developments more complicated," he said in the speech.

Bini Smaghi noted that a bigger share of assets is now

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