•  In the second place, sustainability goes hand in hand with transparency. Pension funds need to be sufficiently transparent about what their participants, including future participants, may expect. •  Thirdly, a durable pension system depends upon a strong pension industry.
The slowdown in productivity growth in recent years represents one of the most important economic developments in the euro area, a matter for concern for economic policy in general, but also an important feature of the environment in which monetary policy operates.