Global Macro Service > Research Briefings > Europe

The neglected fiscal costs of building ‘Fortress Europe’

As EU member states debate how to respond to migration pressures amid populist-led calls for a “Fortress Europe” of greatly reduced migrant numbers, the region’s medium-term fiscal challenges often tend to get overlooked. Our analysis finds pension systems and retirees would be worse off overall in a scenario of significantly fewer immigrant workers in Europe.

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