Concerns for inter-generational equity and risk both point in the direction
of ensuring that the budget balance over the medium to long run is fairly close
to zero. A policy aiming at substantial pre-funding would in a number of re-
spects be a problematic strategy. By keeping public finances close to balance
it follows that the risk exposure is smaller, and the room for accommodating
short-run business fluctuations are larger. These points have been illustrated by
consideration of a reform package recently proposed by the Welfare Commission
(2005d).
32
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