ABSTRACT
It is widely believed that the European version of the Welfare State is now in a condition of possibly irreversible decline.1 It would however be unjustified, to consider the present difficulties as an identity crisis: on the contrary, given the incompleteness and imperfections of insurance markets – dramatically revealed by the financial crisis – the need for sound and sustainable welfare institutions continues to be well recognized all over the world. Rather, it can be claimed that the crisis stems from the difficulty to adapt the present welfare design and financial structure to major demographic, economic and social changes.
