David, don't you think the influx of migrants has stopped the slide in European population and sewn the seeds for solid long term consumption growth? Some businesses in Europe selling to these people must be jumping for joy.

David Fuller's view

Most of the migrants arriving from the Middle East and North Africa, spent their last savings on the journey, so they need to be subsidised.  That will cause some extra spending, providing a small boost for EU economies.   

No doubt some of these mostly young migrants will be highly intelligent and able to create careers for themselves in Europe.  However, the cultural differences are considerable.  Therefore it will be a considerable challenge for European countries and also the migrants, to ensure that they are successfully integrated.  This has not always worked well in the past, as we have seen most notably and recently with Belgium and France. 

The current migrant situation is awkward, to put it mildly.  Few countries want to accept a large influx of migrants which they did not invite.  Most developed countries accept at least a small number of immigrants every year, preferably those who they believe will contribute to their national wellbeing.