The reform of pension systems is on the political agenda in most European countries and in the USA. The paper considers the main factors underlying the reform process and examines the reforms introduced in recent years and those currently under discussion in order to trace common features, but...

The 2005 reform of the Stability and Growth Pact has amplified the role of government debt and long-term fiscal sustainability in the surveillance of budgetary positions in the European Union (EU). Some aspects of the reform are still to be fully defined, including the role of implicit...