With the financial crisis pivoting from the private financial system to sovereign debt and global current account imbalances starting to re-emerge the world needed robust mechanisms to cope with both.

金融危机已从私人金融体系转到了主权债务领域，全球经常账户失衡也开始再度冒头。

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After all, as workers with private accounts retired, their check from the traditional Social Security system would be lower, to offset the money that went into their account.

毕竟，当拥有私人帐户的工人退休的时候，他们来自传统社会保障体制的帐单将会减少，抵销了进入他们帐户的资金。

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All of these steps would be taken to ensure Social Security's solvency during a transition from the current pay-as-you-go system to a private account system, where less payroll tax revenue would be available to finance benefits.

CNN: Bush won't raise Social Security payroll limit

He and his colleagues considered the pension system in the round, taking into account both state and private provision.

ECONOMIST: Reforming pensions