Epilogue: Pension Futures
This chapter summarises the major findings of the book regarding the tensions between the European pension systems and global finance. First, the European nation-state is an increasingly fragile entity, undercut by the reemerging crosscurrents of internal diversity, identity politics, and regionalism. At issue is the locus of social solidarity. Second, the ideal of a national fiscal sovereignty sounds increasingly hollow. Third, demographic trends in Europe are viewed by many as alarming with respect to the financial integrity of the nation-state pay-as-you-go social security systems. Other findings: Germany's Riester-style tax-preferred private pension arrangements open the way for greater decentralisation in retirement income planning, but national social insurance will remain a core component of retirement income; if access to the global financial markets is one solution to demographic ageing and pension funding crisis, London clearly looms large as a vital player in those markets.
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