Over the next few years, European countries will experience an unprecedented phenomenon as the numerous populations born in the post-war years reach retirement age. This ageing and the reforms of pension schemes necessary to accommodate it will modify national activity, saving and investment behaviours. However, the interdependence of financial markets means that the demographic and economic mutations observed in each country will not be without repercussions on the other members of the EU. This has been illustrated by a simulation centred on Germany, France and the United Kingdom and carried out in two contrasting financial environments. This simulation shows that the reforms implemented are insufficient: the financial imbalances cannot be supported in the long term, whatever the degree of financial openness. Therefore, new reforms seem necessary. The option of a reduction in the amount of pensions and that of a rise in contribution rates are explored.
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