The paper discusses central avenues of reform in the pension and health system. The core issues are the distinction of large and small risks and the role of a competitive approach to reorganise the health system.

Social Security in the United States and in Europe is at a critical juncture. Through the essays assembled in Social Security Pension Reform in Europe, Martin Feldstein and Horst Siebert, along with a number of distinguished contributors, discuss the challenges facing Social Security reform in...