Bank of Spain calls for reform of pensions system

Governor sees need for national consensus to secure sustainability of current system

Photo of the Bank of Spain
The Bank of Spain

Spain needs to reform the pensions system to make it economically sustainable and safeguard intergenerational equity, said the country’s central bank on May 28.

In its annual report for 2018, the Bank of Spain highlights how the ageing population “is a first-order challenge for the sustainability of our welfare system”, and the structural change in the economy “will involve a most pronounced increase in public spending on specific items, which notably encompass the public pensions system”.


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