This paper discusses the risks of stagnation over the medium term in the euro area. It examines the consequences of longer-term growth trends that predate the crisis and the progress made in addressing the crisis legacies of high unemployment and debt. The paper illustrates in a downside...

Analyses of pension funding effects on economic growth need to differentiate between "carve-out" pension privatization in Latin America and Eastern Europe and typical "add-on" pension funding in Western Europe and North America. We find no evidence that pension privatization in Latin America and...