The European Central Bank has criticised the “very slow” introduction of European pension reform.
“Pension reforms have been partial at most,” the ECB says. “The introduction and expansion of funded pension schemes alongside and complementary to reform of the pay-as-you-go basic pension schemes is proceeding at a very slow pace.”
“With regard to ageing populations, little headway has been made in implementing measures that contribute to the sustainability of public finances in the longer run,” the bank says.
And efforts to increase the participation of older workers have been ineffective. It says, “comprehensive reforms aimed at increasing the labour force participation of older workers have not been fostered sufficiently”.