Three issues dominate the public policy debate over savings in Continental Europe. First, can private savings substitute for public pensions in the provision of retirement income, given that the current gen-erosity of pay-as-you-go financed pensions is hardly sustainable in the light of...

Three issues dominate the public policy debate over savings in Continental Europe. First, can private savings substitute for public pensions in the provision of retirement income, given that the current generosity of pay-as-you-go financed pensions is hardly sustainable in the light of...

The European welfare states have fundamental problems, in particular high unemployment and a mounting pressure on public pensions. Although these problems have been prominent topics of the political debate for years and years, we have seen little fundamental reform. Why this is so? One of the...