At the same time, the ECB has a clear interest for the constitutional process to be a success. In this, I completely concur with what my predecessor, Wim Duisenberg, repeatedly stressed: for a well-functioning monetary union a strong and effective EU is necessary.
This would mean that while there are currently more than three workers for each pensioner, in 2050 there would be only 1.6 workers per pensioner. Thus, Greece, like many other European countries, will be confronted with a sharp rise in the old age dependency ratio. This situation, in and of itself, however, need not put pressure on the financing of the country’s pension system.