Of that increase, the return to pension revaluation in line with the consumer price index accounts for 55% to 65%, and the removal of the sustainability factor for 20%. The remaining 15% to 25% would be associated with the fact that, even with the 2013 reform, under the demographic and macroeconomic scenarios considered pension expenditure will grow by between 0.7 pp and 1 pp of GDP between 2019 and 2050. In addition, a permanent increase has been agreed in the transfers from the central government to the social security system, to meet the latter's so-called extraneous expenses, estimated at around 2% of GDP. Higher transfers from the central government serve to correct the current social security system deficit, but evidently have zero impact on public finances overall and, therefore, on their sustainability. Moreover, other measures introduced to align the effective and statutory retirement ages – chiefly a new regime of early retirement penalties and new incentives for late retirement – may alleviate the pension system’s shortfall, but their estimated effectiveness is subject to high uncertainty. The Government estimates an impact, in terms of lower spending, of between 1.1 pp and 1.6 pp of GDP by 2050. Likewise, the repealed sustainability factor will be replaced by the new “intergenerational equity mechanism” which, by means of a specific-purpose increase in social security contributions, envisages bolstering the Social Security Reserve Fund and adopting new measures as from 2032, depending on developments in pension spending relative to GDP.

It was then renovated in the style of the day at the start of the following century by Robert de Cotte, the First Architect of Louis XIV, for the Count of Toulouse, the legitimated son of the Sun King and its new owner. Naturally, this place provides an appropriate setting for putting matters into perspective. This is most apposite for the discussions to which Mr Pohl invites us today, because they should be considered from both a historical and forward-looking perspective. Japanese philosophy teaches us that visiting the past teaches us new things. This privileged setting nevertheless does not isolate us from the world. The turmoil that we are experiencing gives a particular significance to your work. The current financial crisis and the unprecedented financial cooperation between countries to preserve financial stability should add a new dimension to the debate on Corporate Social Responsibility. I therefore hope that this approach in perspective will shed light on both the implications of the Corporate Social Responsibility (CSR) and its potential role as a force for change in a globalised world. CSR is a concept whereby companies and financial institutions not only consider their profitability and growth, but also the interests of society and the environment by taking responsibility for the impact of their activities on stakeholders, employees, shareholders, customers, suppliers, and civil society represented by NGOs. Companies (including banks) must take on new responsibilities that go beyond a simple policy of “paternalism” vis-à-vis their suppliers, customers and employees, such as that practised up until recent times.