Csaba Nagy: EU integration significantly changed citizens' way of life

Accession to the European Union has contributed significantly to the development of pension funds and pension systems in Central and Eastern European countries, Csaba Nagy, Managing Director at Richter Pharma, said during a panel discussion at the 11th Azerbaijan International Insurance Forum (AIIF-2026).

Report quotes him as saying that integration into the European Union had a substantial impact on citizens' living standards and the development of pension systems.

"Following accession to the EU, a new legislative framework was established. During the implementation of European legislation, differences in the structure and characteristics of pension funds occasionally led to inaccuracies in terminology translation and difficulties in understanding products offered by various institutions," Nagy said.

He noted that the process of adapting to EU standards revealed a number of differences between European requirements and established national practices.