𝗨𝗻𝗳𝘂𝗻𝗱𝗲𝗱 𝗽𝗲𝗻𝘀𝗶𝗼𝗻 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨 𝗿𝗲𝗮𝗰𝗵 𝗲𝘆𝗲-𝘄𝗮𝘁𝗲𝗿𝗶𝗻𝗴 𝗹𝗲𝘃𝗲𝗹𝘀.
Spain 🇪🇸stands out: unfunded pension obligations are close to 500% of GDP — and still rising.
By contrast, countries like the Netherlands, Denmark and Sweden rely far more on funded pension pillars, generating long-term savings and deeper capital markets.
This is not just a pension issue. It has macro-financial consequences: for the long-term sustainability of pension systems, for fiscal risk sharing across generations, and for the development of domestic capital markets through institutional investors.
Pension design remains a national political choice, but its spillovers are increasingly European.