Euro zone: Important to understand the lack of productivity gains

The euro zone is currently characterised by a lack of labour productivity gains. It is important to understand that this means it is impossible to increase the real income of euro-zone inhabitants, especially as there is population ageing. To increase the purchasing power of a category of euro-zone inhabitants, there are then two solutions, which are illusory: B o rrowing, which amounts to increasing income today by reducing it in the future; Zero-sum transfer payments from one social class to another (between the working population and pensioners, between the rich and the poor, between lenders and borrowers).