MUNICH - As economic recovery finally begins to take hold in Europe, the imperative for policymakers is to ensure that growth can be sustained far into the future. Fiscal and monetary stimulus may have been appropriate at the peak of the crisis, but they will do little to address the biggest threat to the continent’s long-term prospects: a toxic twosome of weak demographics and low investment.
Even assuming a steady inflow of immigrants, the combined workforces of the 28 European Union countries are projected to shrink by 12 million to 16 million people over the nex...
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