It is well-known that Europe's population is aging, but the urgency of the situation does not appear to be widely appreciated among political leaders.  Data discussed at the sixth Munich Economic Summit show that Europe could soon run short of taxpaying workers needed to finance the welfare state.

The basic numbers leave little doubt over how high the stakes really are. By 2050, ever-lengthening lifespans and slumping birthrates mean that Europe's population of working age will drop by 38 million. At the same time, numbers aged 65 and over will rise by 40 million. That will swell the EU's pensioner population to more than 100 million. The number of workers for every individual of 65-plus will fall from more than three to fewer than two.

One presenter at the summit believes that medical advances could support social welfare schemes by increasing the healthy and productive lifespan of workers.  Even with better health, however, it would be hard to induce citizens to keep working past the age when their parents retired.

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