Italy's Fornero pension reform of 2011 is one of the prime examples of how unpopular reforms can deliver huge long-term savings.
Raise the retirement age, limit early retirement and speed up the transition to retirement based on lifetime contributions.
Expected savings of about 80 billion euros during the years 2012-2021.
By 2020, the annual savings are expected to reach almost 22 billion euros.
The increase in pension expenses slowed from 3.4% per year in 2003-2013 to 1.1% in 2014-2018.
Between 2010 and 2022, inflation-adjusted pension spending rose by just 4% in Italy, compared to 15% across the EU and 32% in Spain.
The reform was very unpopular.
Popular decisions get votes, but they are not necessarily the decisions a country needs. Sometimes the most necessary reforms are precisely the ones no one wants to make.