Luis M Linde: Spain's public pensions system and its reform

Appearance by Mr Luis M Linde, Governor of the Bank of Spain, before the Parliamentary Committee for the Monitoring and Assessment of the Toledo Pact Agreements, Madrid, 15 February 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and Gentlemen,

I appear before this Committee for the Monitoring and Assessment of the Toledo Pact Agreements to present the Banco de España's analysis of the current status of and outlook for our public pensions system and its reform.

The analysis is in a paper recently published by the Banco de España and takes a technical approach. This means we have attempted not to enter into political considerations, though these prove difficult to avoid when it comes to choosing one or more of the different reform options available.

I shall begin with some thoughts on the recent developments in our public pensions system, moving on to the medium- and long-term outlook, and concluding with some general comments on possible reforms.