Ageing, financial markets and monetary policy - a summary -- 1 -- Ageing and Saving in Europe -- Discussion -- 2 -- Ageing and International Capital Flows -- Discussion -- Discussion -- 3 -- Developments in Decumulation: The Role of Annuity Products in Financing Retirement -- Discussion -- Discussion -- 4 -- Retirement Savings in an Ageing Society: A Case for Innovative Government Debt Management -- Discussion -- Discussion -- 5 -- Ageing and Financial Stability -- Discussion -- Discussion -- 6 -- Should Monetary Policy be Different in a Greyer World? -- Discussion -- Discussion -- 7 -- Ageing as a Challenge for Economic Policy (Panel discussion) -- Platon Tinios -- Martin Werding -- David Wise -- 8 -- How Pension Reforms are Changing Financial Systems (Panel discussion) -- Hans Blommestein -- Olivier Davanne -- Jürgen Pfister -- Notes on contributors.

net income. It draws on the experience gained when the social security system in Italy was reformed in the early 1990s, which led to drastic reductions in the number of claims against the statutory pension scheme. The various sectors of the population (elderly people, young people, public employees as opposed to private­ sector employees, etc.) were affected to differing degrees. From Brugiavini's estimates, it becomes clear that a reduction in claims against the statutory pension system has led to a markedly increased willingness to save, particularly in the sectors of the population which were most affected. Reinhold Schnabel starts by discussing possible consequences of a pension cut from a German perspective. He discusses possible effects on saving and labour supply. In the second part of his comments he questions whether all of Brugiavini's interpretations of the "Italian experiment" are convincing. He doubts in particular, whether the reform was unexpected.