The Future of Pension Plans in the EU Internal Market

1. Front Matter

   Pages i-xxii

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2. Introduction

   • Nazaré da Costa Cabral, Nuno Cunha Rodrigues

   Pages 1-8

3. Pay-as-you-go Versus Funded Pension Plans: Which Way to Better Address Common Challenges in the EU?

   1. Front Matter

      Pages 9-9

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   2. Old-Age Pension Systems: Characterization and Comparability

      • Miguel Coelho

      Pages 11-35

   3. What’s New in the Debate About Pay-as-you-go Versus Funded Pensions?

      • Hervé Boulhol, Marius Lüske

      Pages 37-53

   4. The Role of the Government in Creating or Enhancing the Access to Funded or Unfunded Pensions in the Modern Welfare State

      • Yves Stevens

      Pages 55-74

   5. The Coverage of Occupational and Personal Pension Plans

      • Maria Teresa Medeiros Garcia

      Pages 75-86

   6. Sustainability and Adequacy of Pension Systems Across the OECD: Shocks, Robustness and Policies

      • Falilou Fall

      Pages 87-108

4. The Capital Markets Union (CMU) and the Future of Pension Plans: Opportunities, Risks and Drawbacks

   1. Front Matter

      Pages 109-109

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   2. The Capital Markets Union: Saving for Retirement and Investing for Growth

      • Ansgar Belke, Philipp Allroggen

      Pages 111-126

   3. Sustainable Pensions for European Citizens: How to Close the Gap?

      • Gabriel Bernardino

      Pages 127-143

   4. Welfare Gains from a Capital Market Union with Capital-Funded Pensions

      • Thomas Davoine, Susanne Forstner

      Pages 145-160

   5. SeLFIES for Portugal: An Innovative Pan European Retirement Solution

      • Robert C. Merton, Arun Muralidhar, Rui Seybert Pinto Ferreira

      Pages 161-178

   6. The Pan-European Pension Product and the Capital Markets Union: A Way to Enhance and Complete the Economic and Monetary Union?

      • Nuno Cunha Rodrigues

      Pages 179-191

   7. The Final PEPP or How to Kill an Important EU Commission Proposal

      • Karel Lannoo

      Pages 193-197

   8. Deepening Financialization Within the EU: Consequences for Pension Regimes

      • José Castro Caldas

      Pages 199-221

5. Pension Plans and the European Pillar of Social Rights: A New Scope for the EU Social Policy?

   1. Front Matter

      Pages 223-223

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   2. Pensions at a Crossroad Between Social Rights and Financial Markets: Which Way to Be Chosen?

      • Nazaré da Costa Cabral

      Pages 225-253

   3. From Paris to Lisbon: The Ever-Changing European Social Policy Landscape

      • Pedro Adão e Silva, Patrícia Cadeiras

      Pages 255-281

   4. Pension Reforms After the Crisis: Bringing Adequacy Back in the Domestic and EU Policy Equation?

      • Slavina Spasova, Christos Louvaris Fasois, Bart Vanhercke

      Pages 283-310

This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. 
The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.
This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent. 

• Funded pension schemes
• Pay-as-you-go pension schemes
• Capital markets in the European Union
• Social security systems
• Social rights in the European Union
• Social welfare
• European pillar of social rights
• household finance

• CIDEEFF - Center for European, Economic, Financial and Tax Law Research, University of Lisbon, Faculdade de Direito de Lisboa, Alameda da Universidade, Lisbon, Portugal

  Nazaré da Costa Cabral, Nuno Cunha Rodrigues

Nazaré da Costa Cabral is Associate Professor in tenure, in Lisbon School of Law - University of Lisbon. In 2019, she was appointed  as Chair of the Senior Board of the Portuguese Public Finance Council. Nazaré is principal researcher of the Center for European, Economic, Fiscal and Tax Law Research (CIDEEFF) of Lisbon School of Law (Group IV on ‘Crises, Public Policies, Fiscal Policy and the Euro’). She is author of several books, articles and working papers, and her research areas are mainly on Public Finances, Economic and Monetary Union, and Social Security.

Nuno Cunha Rodrigues is a professor at the Faculty of Law, University of Lisbon, Portugal. He earned his PhD in legal and economic sciences, his master’s degree and completed his graduation in law from the Faculty of Law, University of Lisbon. He is also Vice President of the European Institute and a member of the Board of the IDEFF. He has published several articles and books, namely in his area of expertise which lies with EU law, economic law, competition law, public procurement and public finance. He joined the research group on globalization, economic integration and development: European and Lusophone perspectives and the group on crisis, public policies, taxation policies and the Euro. He holds a Jean Monnet Chair, granted by the European Commission, since 2018.  

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