Today the situation in pension reform can be compared to the situation in fiscal reforms prior to the advent of the euro: The first reaction is to argue that your country is a special case, that the rules do not fit it and to list excuses. The second reaction is to buy time by taking one-off or temporary measures or window dressing.
Global growth remains solid, providing a favourable environment for euro area exports. On the domestic side, investment is expected to continue to be supported by very favourable financing conditions, improved profits and greater business efficiency. Consumption growth should develop in line with real disposable income growth. However, at the same time, persistently high oil prices in particular pose downside risks to growth.