If only more countries went Dutch
EUROPE is known as the “old continent” because it is not the “new world”. From ancient Greek democracy to classical music, it is the cradle of Western civilisation. These days a less charitable contrast is not with the new but with the young. The median citizen of the European Union is 45, six years senior to an equivalent American and four to a Chinese person. The EU already has fewer than three residents of working age for every pensioner.
Public spending on retirement benefits, health and long-term care for the elderly is equivalent to a fifth of the bloc’s GDP, and counting. Proposed cuts to pensions are invariably met with fierce opposition from ageing voters. Resources are diverted away from important investments in sectors like defence and infrastructure.
This article appeared in the Finance & economics section of the print edition under the headline “Oldies’ goodies”
From the March 7th 2026 edition
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