The dominant investment vehicle in the United States is equities, as opposed to bonds in the euro zone

In the United States, savings are primarily invested in equities; in the euro zone they are primarily invested in bonds. This creates a significant asymmetry for monetary policies. In the United States, a fall in interest rates, which stimulates demand, is also positive for savers and future pensioners as it drives up share prices. In the euro zone, a fall in interest rates admittedly boost s demand and borrower solvency, but it is negative for savers and future pensioners due to the very low return on bond portfolios.