The topic of this year's conference is “Pensions in an Ageing Society”. Worldwide, ageing will have a major impact on the economy. Social security and pension systems must be designed to meet changes in the demographic composition of the population. For central banks, ageing of the society and the design of pension systems will be important in view of its consequences for financial stability. In addition, the conduct of monetary policy requires the recognition of long-term trends in the economy as to disentangle structural from cyclical economic and price developments.