When the maturity is extended, the original creditors, such as investment funds, would still be on the hook, even in cases involving an assistance programme, and could still be held liable in the event of a debt restructuring later on. In other words, unlike today, they will not be repaid with taxpayers’ money from other member states when assistance programmes are in place.
In order to form such an integrated system, all stakeholders should understand their respective roles: the State should not insist on retaining the monopoly of retirement benefits; employers should cease misinterpreting their role in providing security to their employees only during their labour time but should extend it, most importantly, after their retirement; and citizens should not forget about the role their personal savings play in ensuring their own retirement financial security.