OECD countries have not resolved their long-term problems

We believe that OECD countries face three main serious long-term problems that they have not resolved, which undermines their economic stability: The combination of population ageing and the slowdown in productivity, leading to a fall in pote ntial growth despite immigration and increases in the retirement age , and therefore also to problems with pension systems; The very high level of debt, which is held in check for now only thanks to an abnormally expansionary monetary policy; The declining quality of jobs, as intermediate jobs disappear, especially in industry.