Bilyana Ilieva Raeva, (Rapporteur on the Commission’s Opinion for the Committee on Economic and Monetary Affairs) − (BG) Dear Mr. Commissioner, Dear Mr. Chairman, The overall demographic picture in Europe is very alarming. According to the Eurostat forecasts, the population in the 15 to 64 age bracket will be reduced by one million persons per year after 2010. This trend is due to two factors.

Life expectancy continues to grow in all EU Member States, which is a very positive development resulting from the good quality of life in the Community. However, it is an alarming fact that, at the same time, birth rates are very low, which leads to growing share of the ageing population.

It is this situation that brings about reduction of the share of people in the active age bracket and drop in labour productivity. The demographic problem threatens the stability of the European economy, the European social model, as well as the solidarity between generations.

In this context, I commend the European Commission’s initiative to develop a common European demographic strategy as the only adequate way to meet this global challenge.

The Committee on Economic and Monetary Affairs of the European Parliament lays the emphasis on the economic tools that give opportunities to improve the demographic situation in the European Union.

The proposed texts point to several major lines of action, including: development of sustainable and balanced public finance; promotion of diverse financial instruments with guaranteed transparency and security; use of tax concessions for companies hiring aged employees; acceleration of the labouyr market liberalization process, or internal migration, to quote Commissioner Spidla in the enlarged EU even before 2014; encouragement of employment among young people and those with family responsibilities through innovative work schemes such as shift work, part-time work, and lifelong learning.

The emphasis is laid on the need for the Member States to fulfill their commitments under the Stability and Growth Pact as a way to overcome demographic challenges. The text includes also some more flexible mechanisms for voluntary retention of people above the minimumk retirement age according to the “salary and pension” formula.

The main idea is that if we wish to live up to the demographic challenges, we have to support the establishment of mechanisms enabling flexible employment forms and to encourage the voluntary continuation of active life even after the minimum retirement age.