I will devote the first part of my speech to describing some of the potential effects of ageing on key macroeconomic variables. Ageing will mainly affect our economies through changes in the balance between savings and investment. Changes in savings and investment rates are expected to bring about adjustments in real interest rates, which could be partly tempered with international flows of production factors.
It can only be answered by means of co-operation between central banks and the private sector, which must each play their part as efficiently as possible. The Bundesbank has reorganised its structure and downsized the number of its branches from some 130 to 613 at present and 47 by the end of the restructuring process in 2007.