Speaking at the Coface 2014 country risk conference in Bucharest, Balcerowicz said the issue of public debt has been suspended but not resolved in most large economies, including in the U.S.
“The statistics show only the explicit debt. In the U.S. also, the implicit debt is much higher as it includes all the promises, especially the pensions,” he said.
In that context, the countries that decided to maintain the mandatory private pension system, the so-called second pension pillar, should be congratulated, Balcerowicz added.