August 2026
07Aug

The macroeconomic and fiscal impact of population ageing

By Katalin Bodnár & Carolin Nerlich The euro area, like many other advanced economies, has entered an era of drastic demographic change. Without appropriate policy responses, population ageing in the euro area is posing formidable challenges for potential growth, monetary policy and public finances. This paper examines – from a central bank’s perspective – the macroeconomic and fiscal effects of population ageing in the euro area and looks at the main challenges ahead in the next decades. Total population in the...

August 7, 2026
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July 2026
29Jul

EU. Pension expenditure rises by 6.2% in July, reaching a record high of €14.432 million

Pension expenditure reached €14.4319 billion in July, up 6.2% compared with the same month last year, according to figures provided by the Ministry of Inclusion, Social Security and Migration, which include the adjustment approved by the Government for 2026. In the seventh month of the year, 10,517,634 pensions were paid to more than 9.5 million people. Specifically, there were 6.73 million retirement pensions, more than 2.3 million widow’s and widower’s pensions under the Social Security system, 1.06 million permanent disability pensions, 336,294 orphan’s pensions and 46,895 pensions paid to...

July 29, 2026
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24Jul

Transductive infrastructure: The role of ICTs in the UK and EU’s policy initiatives on financial literacy

By Jing Wang & Jiuheng He Information and communication technologies (ICTs) have become central to public-facing policy programs, yet they remain undertheorized, only treated as either instruments or objects of such policies. This paper argues that ICTs in such programs operate as transductive infrastructures, a delivery chain not only transmitting policy information but also defining the intentions and consequences of the stakeholders. Through a comparative analysis of three recent financial literacy initiatives: the UK's Money and Pensions Service, the European...

July 24, 2026
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06Jul

Simplified asset manager sustainability reporting could hamper green investments

Asset manager reporting exemptions under the finalised ESRS could create a ‘significant blind spot’ for their sustainability performance Asset managers are the latest group to benefit from revisions to sustainability reporting requirements, as EU and UK regulators look to simplify disclosure frameworks. The European Commission has adopted its finalised sustainability reporting standards, which were revised under its first sustainability omnibus package. The new ESRS will reduce the number of mandatory data points by more than 60 per cent and the number of...

July 6, 2026
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June 2026
29Jun

Las jubilaciones privadas toman fuerza en Europa: las empresas podrán invertir en acciones para complementar las pensiones de sus empleados

El modelo de pensiones privadas está cerca de ver la luz en la Unión Europea, donde algunos de los Veintisiete afrontan problemas a corto, medio y largo plazo para cubrir las prestaciones de sus ciudadanos jubilados, así como para incorporar mano de obra al mercado laboral, creando un desbalance entre trabajadores contribuyentes y beneficiarios de pensiones. Este viernes, los embajadores de los Estados miembros alcanzaron una cuerdo para actualizar la normativa sobre los fondos de pensiones de empleo, con los que las empresas podrán complementar las...

June 29, 2026
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29Jun

Brussels forces open Dutch pensions fortress – but will anyone enter?

The European Commission has persuaded the Netherlands to dismantle a long-standing barrier in one of Europe’s largest pension markets. In theory, the move could open access to more than €1.3 trillion in retirement assets. Yet in practice, the impact of this apparent victory for the EU single market may be very limited. In late May, Dutch Social Affairs Minister Hans Vijlbrief told parliament that the government would change pension legislation after the Commission concluded that current rules unfairly restrict EU...

June 29, 2026
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24Jun

Council agrees position on increasing the appeal of the pan-EU personal pension product (PEPP)

The Council reached today its negotiating position on a review of the pan-EU personal pension product (PEPP). The review seeks to make the PEPP a more attractive, accessible and simple option for savers. It will remove some existing requirements and design features that have hampered PEPP’s take-up, while continuing to ensure a high level of consumer protection. PEPP is an EU-wide voluntary personal pension product, established in 2019, that can complement existing public and occupational pension systems, as well as national private pension schemes. Strengthening...

June 24, 2026
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April 2026
10Apr

The Impact of Ageing on the Fiscal Sustainability of EU Health Care Systems: Projections and Policy Responses

By Boriana Goranova & Santiago Calvo Ramos  This Economic Brief analyses the effects of the expected population ageing on the public expenditure on health care in the EU, discusses the different policy options and finally describes the activities in this field by the European Commission. Get the report here  

April 10, 2026
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01Apr

EU finance faces growing risks from geopolitical pressures, watchdogs warn

European financial watchdogs have warned that the war in the Middle East and fast-growing private finance markets could increase risks for the EU financial system. The European Supervisory Authorities — the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) — said geopolitical tensions could affect financial markets through higher energy prices, inflationary pressures and weaker economic growth, ESMA announced on Tuesday. They said they had previously warned about the...

April 1, 2026
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March 2026
09Mar

EU Gender Equality Progress Slowed by Persistent Pension Gap

According to a report from Euronews, full gender equality across the European Union remains a distant prospect, estimated to be at least five decades away. This outlook persists despite acknowledged advancements in women's representation in leadership and a narrowing pay gap. A primary area of concern is the disparity in pension benefits. Data from 2024 indicates that the average pension for women aged 65 and over in the EU was one quarter lower than that for men. This gap was...

March 9, 2026
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