The Inverting Pyramid: Pension Systems Facing Demographic Challenges in Europe and Central Asia

Pension systems in Europe and Central Asia are facing unprecedented challenges. While many of the countries in the region have undertaken reforms when their economies encounter diffi cult times, these reforms are frequently reversed as soon as the situation improves. However, the demographic trends in the region require new, sustained efforts toward changing the pension system to provide adequate yet sustainable benefi ts. The Inverting Pyramid documents the progressive generosity of pensio...