The adjustment of social security systems – especially health insurance, pension insurance and long-term care insurance – to the aging of the population. This affects monetary policy insofar as the burdens of aging would otherwise have an impact on the value of money, and because long-term investments may already not be made today. – See old-age dependency ratio, aging effect, foreign investment, demographic, dissaving, budgetary gimmicks, Methuselah syndrome, sustainability, Lisbon agenda, risk aversion, reserve depletion, shadow debt, Stability and Growth Pact, stagnation, secular, over-indebtedness, senescence. – Cf. Deutsche Bundesbank Monthly Bulletin of January 2005, p. 43, ECB Annual Report 2004, p. 58 et seq. (also projections), ECB Monthly Bulletin of March 2006, p. 75 et seq. (pressures on public finances from aging), ECB Monthly Bulletin of October 2006, p. 51 et seq. (projection to 2050, also broken down by individual countries), Monthly Report of the Deutsche Bundesbank of April 2008, pp. 51 ff. (pension insurance 1999 to 2010; detailed presentation; many overviews, references), Monthly Report of the Deutsche Bundesbank of July 2008, pp. 31 ff. (detailed exposition; overviews; well-reasoned recommendations, which admittedly met with fierce criticism when they were published), Financial Stability Report 2013, p. 19 (unfavorable demographic trends pose risks to pension institutions), Monthly Report of the Deutsche Bundesbank of July 2014, p. 31 ff. (statutory health insurance against the background of demographic hardening; overviews; references).
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