We have recovered the basic macroeconomic equilibrium: fiscal balance, competitive foreign exchange rate and undistorted relative prices. We will continue conducting a tight monetary policy on these grounds. Reaching a one-digit annual inflation rate will take time and effort. Perseverance is key to this process.
In the euro area, the ratio of over 65 year olds to those between 20 and 64 is forecast to rise from prevailing levels of 27% to around 53% by 2050, with a maximum of 67% in Italy. This is expected to result from a combination of effects.