As has been documented in this symposium, this is going to pose a huge fiscal burden in terms of social security, health care, pension and other related expenditures. In this regard, an OECD exercise reveals a rise in old age pension spending, on an average, by about 3-4 percentage points of GDP over the period till 2050.
The importance of payments systems was much more on the radar screen. As you know, the Wallis recommendations transformed the regulatory architecture.