At the time, this was considered a reasonable forecast: while we expected some increase in participation from an encouraged worker effect because of solid employment growth, we thought this would be offset by the ageing of the population.
This issue is clearly the focus of much attention currently in Europe. A number of emerging-market economies have privatized state-owned enterprises and generally are reducing regulation. The United Kingdom and Japan put into place financial deregulation in the 1980s and earlier in the 1990s. Additionally, much of the industrialized world has governments following a path of smaller deficits and eventually smaller debt.