Összegzés

Return expectations for Financials, Healthcare, and Industrials should benefit from AI, climate transition, and deregulation shaping sector dynamics.

Key points

  • Post-war pension systems in the Eurozone were developed on the basis of two distinct logics: contributions and defined benefits. Today, all systems have become hybrid. 
     
  • Faced with the demographic challenge, all Eurozone countries have undertaken various reforms of their pension system.
     
  • Northern countries are now doing better on financial sustainability than southern European countries because of reforms.
     
  • In all countries, a core reform has effectively raised the retirement age or increased the contribution period. The sustainability of these systems remains to be monitored over the next 20 years.
     
  • Tightening budget constraints in countries with high debt levels and ageing populations are exacerbating the need for savers to build supplementary and funded pension plans.