Europe’s Aging Population Risks Credit Crunch, Swiss Life Says

Europe’s aging population could lead to a credit crunch and a repeat of the “economic malaise” seen in Japan, according to Swiss Life Holding AG (SLHN) Chief Executive Officer Bruno Pfister.

“The combined impact of demographics and regulatory requirements is threatening to lead Europe down the slippery slope of the economic malaise currently affecting Japan,” Pfister wrote in an essay published today by the Geneva Association.

Economic growth will weaken and stock markets will decline as the baby-boomers born in the 1950s sell off risky assets to finance their retirement, Pfister said. That could lead to a credit crunch, he said.

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To contact the editor responsible for this story: Frank Connelly at

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