The financing burden is being shared by employees, employers, and the government rather than being borne exclusively by the individual work unit. The framework is in place for a defined contribution plan, which can become funded, and a defined benefit plan, which may remain pay-as-you-go. Also, pensions are being indexed to control the erosion of pension value by inflation.
We cannot yet say for sure that we would actually be able to handle the new dangers that interoperability would create – in particular because of the new channels of contagion that would arise. Fourth, in the derivatives market we must beware of focusing exclusively on the function performed by CCPs.