Central Bank Governor Gabriel Makhlouf outlines demographic and technological challenges to European workforce (centralbank.ie)

• EU fertility rate at 1.5 children per woman, aging population threatens workforce sustainability.
• Migration helps but cannot fully offset demographic decline.
• AI and automation demand reskilling and policy reforms across education and social protection.

"In a speech to the OECD on 22 September 2025, Central Bank of Ireland Governor Gabriel Makhlouf warned that Europe's workforce is being reshaped by low fertility rates, aging populations, migration, and technology. He noted that the EU's fertility rate has fallen to 1.5 children per woman, while life expectancy rises. Migration can only partly offset the shrinking workforce. Technological change, especially AI, will require reskilling and policy reforms in education, social protection, and labour markets."