A race against the future - how governments are tackling the issue of rising state pension costs

Reforming state pensions is a top priority in Europe as governments attempt to plug huge deficits exacerbated by the global financial crisis. Andrew Sheen examines the current state of European pensions

The global financial crisis unfolded with unprecedented speed and severity. Governmental responses were equally swift and decisive, with interbank loan guarantees put in place, widespread asset purchase programmes through quantitative easing and similar efforts, recapitalisation of banks and direct injections of liquidity.

Data from the International Monetary Fund (IMF) shows the total value of fiscal stimulus programmes and support to be in excess of $10.8 trillion (£6.7 trillion). In the UK