And I hope that we will have enough time to discuss the question whether the aging of the population influences the monetary transmission process. If a greater funded component is introduced into old-age pension systems in the future, that will certainly have repercussions on the financial system.
As a rule, countries where the pension system has a greater funded component also have different financial systems than countries in which the pay-as-you-go system predominates. Some commentators even refer to the complementarity between 5 pension systems and financial systems. In turn, the structures of the financial systems are important determinants of the monetary transmission process.