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The EU's population now stands at 495 million and is projected to rise to more than 520 million by 2035, before falling to 505 million by 2060.

"From 2015 onwards deaths would outnumber births, and population growth due to natural increase, would cease," says the survey, assuming a net migration inflow to the EU of almost 60 million over the next 50 years. "Positive net migration would be the only population growth factor. However, from 2035 this positive net migration would no longer counterbalance the negative natural change."

Across the EU's 27 countries there are now four people of working age for every person over 65, but by 2060 that ratio will be 2:1, causing stress on welfare and pension systems. Torres said pension and health systems had to be reformed.