We stress that the demographic changes that Europe will face in the coming decades will have profound consequences not only for the sustainability but also for the adequacy of social security schemes, including pensions. Our paper aims at assessing the consequences of the Ageing Working Group...

The long-term development of the social security system is a crucial policy issue in terms of both financial sustainability and adequacy, which constitute a difficult trade-off facing the policy maker. The particular complexity of this issue, also in the light of demographic dynamics and the...