Kennickell (Federal Reserve Board) and Peter Tufano (University of Oxford) act as external consultants, and Sébastien Pérez Duarte (ECB) and Jiri Slacalek (ECB) as Secretaries. The HFCN collects household-level data on households' fi nances and consumption in the euro area through a harmonised survey. The HFCN aims at studying in depth the micro-level structural information on euro area households' assets and liabilities. The objectives of the network are: 1) understanding economic behaviour of individual households, developments in aggregate variables and the interactions between the two; 2) evaluating the impact of shocks, policies and institutional changes on household portfolios and other variables; 3) understanding the implications of heterogeneity for aggregate variables; 4) estimating choices of different households and their reaction to economic shocks; 5) building and calibrating realistic economic models incorporating heterogeneous agents; 6) gaining insights into issues such as monetary policy transmission and fi nancial stability. The refereeing process of this paper has been coordinated by a team composed of Gabriel Fagan (ECB), Pirmin Fessler (Oesterreichische Nationalbank),

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First paragraphZum Reichtum gehört der Vergleich. Ein Hedgefondsmanager, dessen private Boeing keinen Whirlpool hat, mag sich arm fühlen im Vergleich zu Milliardär|inn|en. Allein dies erlaubt noch nicht, den Reichtumsbegriff in den Bereich der Gefühle und persönlichen Empfindungen zu exilieren.