More recently, data published by Eurostat showed that in 2014 expenditure on old age pensions in Greece is the highest among EU countries (13.3% of GDP, compared to an EU28 average of 9.8% of GDP). While the 2015 and 2016 reforms did attempt to further curtail pension benefits, they exempted old retirees until July 2018.
The private sector must continue to be the engine of innovation and job creation, helping not just to exit the pandemic, but also to build toward a more sustainable future, with the key contribution of the financial industry. In the G20 we will continue our endeavours to set the stage for a market that works effectively and efficiently. 4/4  BIS central bankers' speeches