Given most European countries’ increasingly daunting demographic outlook, the current pace of structural reform is woefully insufficient. Italy and Germany are headed toward a ratio of one retiree per worker; without more rapid GDP growth, new immigration policies, higher retirement ages, and efforts to stem the increase in welfare spending, taxes will inexorably rise from already damaging levels.
由于大部分欧洲国家人口前景日益不利，目前的结构性改革速度是远远不够的。意大利和德国的退休人口/工作人口之比正在向1比1靠拢；若无更快的GDP增长、新的移民政策、提高退休年龄以及阻止福利支出扩张，税收就必然会在已然十分危险的高水平进一步大幅提高。