AbstractThree 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 population ageing? And if so, which policy steps have to be taken to alleviate this transition? Second, does the evolution of a "new financial landscape" in Europe necessitate policy response in terms of taxation and re…
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