Central Bank of Ireland Governor highlights demographic challenges and policy choices for Europe's workforce (centralbank.ie)

• Euro area working-age population projected to fall by 0.7% (1.5 million) between 2024-2027
• Old-age dependency ratio to rise from 33.7 in 2022 to 51.2 in 2050
• Policy priorities: implementing Draghi/Letta reports, boosting participation, managing migration, and preparing for AI disruption

"Governor Gabriel Makhlouf spoke at the OECD in Paris on September 22, 2025, about how demographics, migration, and technology will reshape Europe's workforce. He noted that the euro area working-age population is projected to fall by 0.7% between 2024-2027, and the old-age dependency ratio will sharply increase from 33.7 in 2022 to 51.2 in 2050. This ageing population could lead to higher structural inflation in labour-intensive sectors. Makhlouf stressed the need for increased labour force participation, including older workers, and productive migration. He also emphasised implementing Draghi and Letta reports to boost productivity and the potential of AI to disrupt but also create opportunities."