R.I.P. Capital Markets Union

The German government agreed the pension reform that will cancel the existing exemptions to the 67-year retirement age, and introduce a top-up pension that is too small to create a capital market.

The German government has agreed to implement the pension reform proposals in full. At last, it got positive headlines in the legacy media. The declared goal of the reform is to ensure the viability of Germany’s defined benefits system. It cancels the exemptions from the 67-year retirement age. And it foresees a very slow increase in the pension age, ri…