The State could even intervene directly as an annuity provider. This would be likely to reduce administrative costs (thanks to economies of scale) and adverse selection costs (due to a wider pool of clients), and correspondingly reduce prices (mainly because profit mark-ups could be kept to zero).
A discussion is ongoing on a differential prudential treatment of bank exposures, based on the climate implications  19 20  21  22  23  24  Schnabel I. (2020), ‘When markets fail – the need for collective action in tackling climate change’.