BIS Review 107/2007  1  First, the baby-boom generation is moving closer to retirement age, while the fertility rate has almost halved in the euro area since the 1960s and now lies below the replacement rate (Chart 2). 2 And second, people live longer: more precisely, life expectancy has lengthened by eight years in the last four decades (Chart 3).
New ECB research shows that stock markets are better than banks at reallocating investment toward “greener” sectors, and that innovative sectors with fewer tangible assets grow faster in countries with deeper stock markets.