This leaves us with the second option, making the principle of individual responsibility work better. Since public debt in one country has negative spillover effects on other countries in a monetary union, a set of fiscal rules is required, even if the principle of individual responsibility works.
So, with the first of the baby boomers now older than 60, and many more of this generation right behind them, we know that the shifting age distribution of the population has begun to have, and will continue to have, a direct impact on the supply of labour in the economy, and thus, on the growth of our economy's potential output.