Firmly on the Davos agenda this year is the challenge posed by ageing societies. Declining birth rates worldwide are not new news, and in certain developing countries, are a wonderful reflection of improving maternal and lower child mortality.

However, the full implications of the consequences are only just beginning to reach the collective consciousness. Projecting forward the Italian birth rate, currently one of the lowest in the western world, leads to an estimated fall in Italy's population from around 61 million in 2010 to close to single digit millions by the end of this century. European economies will have to adjust to shrinking workforces, dramatically different consumption patterns and a radical redesign of social and health care.