Demographic change and pension systems  All pension systems imply a redistribution of real resources from active workers to retirees. While in PAYG systems this is implemented through taxes and social security contributions, in funded systems it is achieved through capital markets, as pensioners use the assets accumulated in their working years to provide for their needs once retired.
In this regard, the news media and the public are usually focused on a specific traded exchange rate between currencies, such as the Swiss franc to the euro or the yen to the U.S. dollar. These rates are important, but there are additional indicators for exchange rates.