The budgetary impact of the greying of the European population being a key policy challenge of the European Union, the European Commission on Oct. 12 offered a pragmatic action plan saying, “The answer lies in reducing public debts, raising employment rates and improving productivity while pursuing reform of pension, health care and long-term care system.” “Unless most member states do something serious about defusing the pension time bomb, it will go off in the hands of our children and grandch...

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