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...