The persistently low fertility rate and the increase in life expectancy in Spain and in most Western countries has accelerated the ageing process (relative and absolute) of the population to levels never before seen in the history of mankind. In societies such as ours, this transformation is aggravated by the arrival of the baby boom generations into old age. All of this could undermine the sustainability of the welfare state, the institutional machinery that distributes resources between generations in solidarity through contributions, taxes and transfers.
