If you look at the average assets per capita in the eurozone and beyond in Europe, you quickly realize the immense gap with the Americans. But there are also some surprising figures, such as the fact that the assets held by Germany, which is actually the largest economy in the eurozone, differ dramatically from those of southern Europe.

One theory that could help explain this is that the number of tenants in Germany is much higher than in other European countries. The others have therefore benefited above all in the last 10 years from the asset bubbles inflated by the ECB. If the real estate illusion bursts, the illusory wealth of southern Europeans in particular is likely to collapse like a lump of yeast.