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The Bank of Spain has transferred to Congress what are the most urgent measures that must be faced in the face of the serious crisis that the country is going to suffer, and these actions involve undertaking pension reform as quickly as possible. And according to what was exposed by the organism's governor, Pablo Hernández de Cos, this action should: delay the effective retirement age, relating that same retirement age with life expectancy, more transparency and reflect on what the role of the private savings .

"Additional measures will be necessary to reinforce the financial sustainability of the public pension system," explained the head of the regulator before the Reconstruction Commission. And "insofar as a greater need for resources can lead to an increase in the burdens borne by younger generations, present and future," he added, "this debate should take into account not only the cohorts closest to age. of retirement, but also to the youngest, establishing basic parameters of intergenerational equity . "

In other words, that the adjustment is not only loaded on future generations , as might be seen from the measures that different governments have been taking in recent years, mainly due to fear of electoral punishment.

Thus, he points out the need to introduce "incentives that favor a greater alignment between the effective retirement age and the legal reference", as well as introducing "automatic adjustment mechanisms that help stabilize the system adapting it to demographic and economic changes". At this point, Hernández de Cos has cited the cases of "Germany, Sweden or Italy", where " they have already established a link between the level of benefits or retirement age and life expectancy ".

In addition, Hernández de Cos considers that "there is room for calm reflection on the role that complementary private savings mechanisms should play", a point in which he recalled that the development of private pension plans has a "very limited development in compared to other northern European economies. "

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