This situation compares with rises in pension expenditures of slightly more than two percentage points of GDP in both the EU25 and the EU15 over the same period, reflecting the implementation of important pension reforms in many of these countries since the 1990s. Consideration of this set of facts yields the conclusion that pension reforms, public expenditure, employment, and growth are interdependent.
According to the framework outlined in the EFPD the next years will see large deficits. Measures to restructure the public finances are planned for 2011 and 2012, once the adverse phase of the cycle is past. No corrective action is envisaged, instead, for 2013, beyond what is needed to finance the expenses not included in current legislation.