The underlying problem is demographic. By 2015 there will be more people dying in Europe than being born. The median age will rise from 41.2 years today to 47.6 years in 2060. Some countries will age even faster: median age in Germany will reach 50 years in 2037. Europe will look like an old folks’ home with an ever-decreasing work force. People at or over the age of 65 — in other words, old enough to receive a pension — will account for 30 percent of the population in 2060. It is estimated that the number of working people available to finance the social-insurance programs for one retired European will decline from four today to two in 2060. Without reform, that means paying more and more for social welfare and less and less for education and infrastructure, making Europe increasingly uncompetitive.
http://www.nytimes.com/2013/10/15/opinion/one-europe-many-europes.html?_r=2&adxnnl=1&smid=tw-share&pagewanted=2&adxnnlx=1381915031-aOjbseHYwQnfWRGJdUS6Jg&