Torben M. Andersen is Professor at the Department of Economics and Business Economics, Aarhus University. He holds an M.Sc. from London School of Economics (1981), a Lic. Oecon from Aarhus University (1994), and a PhD from CORE, Université Catholique de Louvain, Belgium (1986). His primary research interests are the economics of the Nordic welfare model, public economics, labour economics and the economics of pensions. Within these fields, he has published extensively in internationally recognized journals as well as books. Torben M. Andersen is a fellow at international research centres, including CEPR (London), IZA (Bonn) and CESifo (Munich). He has been actively involved in policy advise in Denmark, the other Nordic countries, a number of other countries as well as the EU Commission. Among other activities, he has been the chairman of the Danish Economic Council and the Welfare Commission, and vice-chair of the Swedish Fiscal Policy Council. Currently he is among other things member of the Danish Systemic Risk Council, chairman of the Economic Council for Greenland, member of the Economic Policy Council of Finland and the European Economic Advisory Group (Munich).