The Community has provided support for the European course credit transfer system (ECTS) for the recognition of periods of study.

18. Calls on the Commission to carry out a comparison between the current pension systems in the European Union and to provide for studies on the operation and impact, in terms of sustainability and security, of funded pension systems, pay-as-you-go pension systems and combined systems; recalls in this respect the recommendation of the high-level group on social protection to examine occupational and fully funded pension schemes in the light of the criteria of a fair balance of risk, equality for women, solidarity and equal distribution of incomes, and in addition analyse the effects of the volatility of financial markets on these syste ...[+++]ms;

17. Calls on the Commission to carry out a comparison between the current pension systems in the European Union and to provide for studies on the operation and impact, in terms of sustainability and security, of funded pension systems, pay-as-you-go pension systems and combined systems; recalls in this respect the recommendation of the high-level group on social protection to examine occupational and fully funded pension schemes in the light of the criteria of a fair balance of risk, equality for women, solidarity and equal distribution of incomes, and in addition analyse the effects of the volatility of financial markets on these syste ...[+++]ms;

Member States, in co-operation with the Commission and the social partners where appropriate, should undertake a joint commitment to implement and further develop such instruments as the European Credit Transfer System, Diploma and Certificate Supplements, Europass and the European portfolio and CV [33] by 2003.

11. Emphasises that the share of the GNP necessary for financing retirement pensions will grow regardless of the design of pension systems; acknowledges the need for redistributive policies to make state pension/pay-as-you-go systems sustainable; notes that the increasing popularity of capital-based schemes requires some sort of public guarantee as otherwise future pensioners would be completely unprotected if the market crashes;

The development of funded pension schemes calls for the creation of a strict prudential framework affording scheme members a high standard of protection.