Declining Birthrates Key to Europe's Decline

New Geography reports:

The labor demonstrators, now an almost-daily occurrence in Madrid and other economically-devastated southern European cities lambast austerity and budget cuts as the primary cause for their current national crisis. But longer-term, the biggest threat to the European Union has less to do with government policy than what is–or is not–happening in the bedroom.

In particular, southern Europe’s economic disaster is both reflected — and is largely caused by — a demographic decline that, if not soon reversed, all but guarantees the continent’s continued slide. For decades, the wealthier countries of the northern countries — notably Germany — have offset very low fertility rates and declining domestic demand by attracting migrants from other countries, notably from eastern and southern Europe, and building highly productive export oriented economies.

An article well worth your time.