One of the more concerning problems to the ongoing crisis in Europe is that the demographics of much of Europe will only get worse in the coming future. It does not seem sustainable to expect the increasingly small cohorts of European young people to pay for the retirements of their elders. This is particularly troublesome in a continent with free movement of labour. It has become the worst fear of politicians in America and Europe: after the immediate crisis passes, the developed world will settle into a lost decade of low growth and deflation, just like Japan.