clear and unvarnished picture of their public pension security so they can plan properly for their personal future needs. in conclusion, we can draw a number of different conclusions from the calculations that have been done on the effects of population ageing. one thing is, however, clear : the world is facing demographic changes that will have considerable implications for the economy and the financial markets. on one hand, the end of labour force growth, and in many countries its reversal, will lead to lower investment demand. on the other hand, the change in population structure will tend to reduce the flow of savings and the supply of finance. at the same time, lengthening lifespans, and especially more years spent in retirement, will increase the need to finance private pension security. management of the economic and social consequences of population ageing will require three mutually supportive elements. in the first place, the volumes needed for financing pensions mean the system will always have to be based on a public pay - as - you - go scheme. on top of this there will also be a need for a solid funded element to balance out disturbances, spread the burden between generations and thus help the economy adapt to the demographic changes. as a third pillar, we will also need to provide a clear framework for private pension savings that will provide scope for personal planning and fill any gaps that may remain in the public system.

http : / / www. eurojatalous. fi / fi / 2015 / 2 / voisiko - kyberhyokkays - johtaa - finanssikriisiin ( english version forthcoming ). bis central bankers ’ speeches the way we think about cyber security : cyber security should not be thought to be only a cost center, but it needs to be perceived as a business enabler. it is relatively more straightforward to handle cybersecurity in the interbank payment ecosystem, since the access points to the payment system are limited and connections can be made using secure dedicated networks. in contrast, retail payment systems may have billions of potential access nodes and utilize standard internet connections. security solutions for these are different, especially considering how to make sure that all end user access nodes are secure enough. central banks, together with all other stakeholders – banks, supervisors, cybersecurity companies – can be active in raising awareness of cybersecurity, setting the basic security requirements, and enabling the flow of best practices from one payment service operator to another. central banks are a natural catalysts for cross - border cooperation to promote cybersecurity of the whole financial infrastructure. after all, it is an international infrastructure, which requires international cooperation doing the oversight. 2. 5 international compatibility finally, the fifth criterion, international compatibility, states that common standards and rules governing payment systems are needed to promote harmonization and to ensure interoperability of different retail payment methods. 8 in a global economy, fragmented payment system landscape across countries will increase the costs for individual users and societies as whole. technical innovations may increase the fragmentation, unless some common ground has been found through open standards. either in terms of interfaces between systems or in terms of payment systems used. but international compatibility is not only about the interoperability between payment systems. it is also about the compatibility with the laws and regulations of the society around the payment system. future payment systems should not be in a conflict with the laws of the society in any country where the payment system is operational. with the future payment systems emerging, international compatibility is again an issue in the spotlight. sepa was a step towards international compatibility in the field of payments. there is again a risk that future payment systems will become fragmented with the emergence of new payment methods. it would better to set the harmonized guidelines before this fragmentation actually happens. the work done by the euro retail payment board ( erpb ) and its national counterparties