By 2060, the population will have shrunk by up to 20% and the labour force by around 30%. To make matters worse, policy measures such as early retirement on a full pension at 63 are already constraining the labour supply, thereby eroding growth opportunities. 6.
European banking union  Ladies and gentlemen, the Single Supervisory Mechanism (or SSM), based at the ECB, has been up and running since 4 November 2014.