The European Central Bank is likely to have its own 'defined contribution' pension fund with minimum guarantees, according to plans being developed by the European Monetary Institute.

The EMI, the body preparing the way for the bank, advertised the post of pensions expert with the candidate playing a major role in the development, implementation and administration of a pension scheme for the European Central Bank."

The EMI refuses to give further details because any final decision will have to be made by the board of the bank whose membership even in terms of participating countries is still to be determined."

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