Pension Reform in Europe. What has happened in the wake of the crisis?

The present contribution provides a summary of reforms in Europe. We look in particular at the fate of the pension paradigm that dominated the last decades: the so-called pension privatization. Such a paradigm consists of the full or partial replacement of social security pension schemes with pension systems based on individual, private pension savings accounts. This model has been implemented in many countries. From the 1980s, Europe too has seen the spread of pension privatization.The recent economic and financial crisis has represented a hard test for that paradigm.