In the meantime, 2015 data on financial assets are available. Therefore, we have updated our calculations in order to review last year’s results. However, we also changed the time period to the four years between 2012 and 2015. Why? In summer 2012, Mario Draghi held his famous “whatever it takes” speech to save the euro. Since then, the ECB has no longer been conducting monetary policy merely to stabilize the price level, but is also using its expanded tool box (OMT, PSPP, NDR etc.) to secure the survival of the euro itself. As a consequence, the impact of monetary policy on capital markets has intensified; the distortions in markets particularly for bonds, but also for shares have increased. In sum: The environment for savers has become even more challenging than in the years before.
 See Allianz Global Wealth Report 2016.