First, payments under the state pay-as-you-go scheme are being cut back and, second, private pension provision is being strengthened. Pension increases over the next few years will remain below the level of increases in wages and salaries.
And a better result than what was achieved in the euro area countries over the previous 50 years. But it’s not an achievement of mine particularly, it’s an achievement of the Executive Board, of the Governing Council, of all the staff of the institution and of the Eurosystem as a whole. Question: Are you planning to write your memoir?