The economic and budgetary impact of ageing
Conference organised by the Directorate General for Economic and Financial Affairs and the
Economic Policy Committee with the support of the Austrian Presidency
Brussels, 31 March 2006
Conference programme(60 kB)
Details on the conference
To mark the publication of a new report on the economic and budgetary impact of ageing populations for all EU Member States (see the report), this high-level conference brought together senior politicians, experts from academia, national authorities, the European Commission and other international organisations (ECB, IMF, OECD) to discuss the implications of ageing for pensions and health care systems in Europe, as well as the policy measures which can be taken to raise growth potential and to help secure sustainable public finances.
The conference has identified several points of consensus among academics and policy makers. Firstly, the ageing of European populations is an inevitable process, which is already at play. It is also "good news" as people live longer. Secondly, ageing populations imply many challenges for the labour market and public finances. A key one is to extend working life and to rebalance the time spent at work relative to that in retirement. Thirdly, the reforms of early retirement schemes and old-age pensions adopted recently by many EU countries have gone in the right direction: they have substantially contributed to raising the employment rate of older workers, and have clearly improved the financial sustainability of pensions systems. However, it remains to be seen whether these reforms will suffice. In this respect, the European Union has an important part to play in encouraging further reforms.
Non-EC contributions - Copyright rests with the author
Joe Grice (EPC Chairman) (25 kB) (pdf file 25 kb)
The economic impact of ageing: is the Lisbon strategy enough?
Servaas Deroose (Directorate General for Economic and Financial Affairs): "The consequences of ageing populations on employment and growth"
Speech (131 kB) (pdf file 130 kb)
Presentation (98 kB) (pdf file100 kb)
Robert Holzmann (World Bank): "The economic impact of ageing: From good projections to good policy proposals" (225 kB) (pdf file 230 kb)
Axel Börsch-Supan (Mannheim Institute for the Economics of Aging): "Economic impact of ageing on European prosperity
Employment, productivity, capital markets" (2 MB) (pdf file 1400 kb)
The budgetary impact of ageing and the sustainability of public finances
Henri Bogaert (Ageing Working Group): "The impact of ageing on public expenditure: projections for the EU25 Member States" (120 kB) (pdf file 120 kb)
David A. Wise (Harvard University and NBER): "Living longer & healthier: Working longer?" (193 kB) (pdf file 200 kb)
Panel debate - Can Europe afford to grow old and what could be the policy responses?
Jean Pisani-Ferry (BRUEGEL)
Peter Heller (IMF): "Can Europe afford to grow old?" (93 kB) (pdf file 100 kb)
Joaquín Almunia (EU Commissioner for Economic and Financial Affairs): "The economic and budgetary impact of ageing" (34 kB) (pdf file 30 kb)
Thierry Breton (French Finance Minister)
Agnieszka Chłoń-Domińczak (Polish Labour and Social Policy Ministry)
Jorgen Elmeskov (OECD)
José Manuel González-Páramo (ECB)
Klaus Regling (Directorate General for Economic and Financial Affairs)
Ignazio Visco (Banca d'Italia) (161 kB) (pdf file 160 kb)