1. Long-term sustainability of public finances in Slovakia Ľudovít Ódor

2. Main lessons Move beyond ageing – complex fiscal risk assessment
Move beyond simple indicators - look at public sector balance sheets
Discuss policy implications

3. Extending our understanding of long-term sustainability

4. Four dimensions of sustainability
Solvency
Growth
Sustainability
Stability
Fairness
2005, Schick A.

5. Public sector balance sheet (intertemporal net worth)

6. Fiscal space review

7. Current focus of the CBR

8. Population ageing
Population in year 2017
Population in year 2067

9. Transition to a totally different country

10. Sustainability „GAP“ indicator (vintages 2011 to 2016)

11. Net worth of the public sector

12. Feedback effects on economic growth

13. Generational accounts (age profiles)

14. Other issues Public-private partnerships (PPPs)
Costs of nuclear decommissioning
Costs of delay
Scenario and sensitivity analysis
Definition of NPC scenarios

15. Policy implications

16. Major challenges Immigration policy
Structural reforms (labour and product markets, pensions, healthcare)
Measurement and management of fiscal risks
More focus on distributional consequences and growth implications
Link between deficits and changes in net worth
New topics: monetary-fiscal interactions, natural resources, global warming, cyber-security etc.

17. Thank you for Your attention!