No it just causes more money to go into the stock market as people put everything except a nest egg, there. I wonder whether this ends up decreasing consumption, as people are less able to buy impulsively when their money is locked away.

But in my opinion what our problem in Europe is, is a very conservative investment culture at the very top. It is very hard to get funding for anything. No wonder there is barely any growth. Even most flashy startups here get money from government grants.