In the wake of the crisis, central banks were relied upon, possibly excessively so, to help the recovery from the global recession and to avoid deflation. The recovery has taken some time. Fortunately, there appears to be a sustained recovery in the global economy, and there are now tentative moves by central banks in the advanced economies to normalise monetary policy settings.
Increasing life expectancy will tend to raise the elderly population (ages 65+) by about 77% in the EU25; and by 80% in Greece. 1 At the same time, the low fertility rates – i.e., fertility rates below natural replacement levels – will contribute to a decline in the working age population (ages 15-64) by 16% in the EU25, and by 21%, in Greece.