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Compared to other world regions, Europe is by far the oldest. Moreover, aging is set to accelerate further over the next decades, as large cohorts turn old. The objective of this report is to investigate what stands in the way of reaping the full benefits of increased longevity in the region–that is, longer lives and potentially prolonged payoffs from human capitaland what can help to contain the possible negative impacts of decreased growth and the fiscal fallout from the demographic overhang. In addressing these questions, the report will start from the premise that Europe and Central Asia (ECA) needs to go beyond the laudable achievement of longer lives for its citizens towards the goal of achieving healthy, active, and prosperous aging. It aims to go beyond diagnostics and put an emphasis on successful interventions, presenting evidence on what has and has not worked in the past. The report will discuss the demographic transition in Europe and Central Asia, classify countries in terms of initial demographic conditions, and present a policy framework for approaching healthy, active, and prosperous longevity.