Some European countries, including Italy, are trying to emerge from the economic crisis which erupted towards the end of the first decade of the new century and is still ongoing in the middle of the second decade. In our view, this crisis has lasted even until now, following the significant non-European immigration waves that have recently arisen.
Under the pressure of these issues, policy makers of the countries involved rarely realize the special importance of demographic phenomena, such as the falling birth rate and an aging population, which - encouraging the socio-economic decline - combine to make the economic recovery more complex, in particular by creating greater insecurity about future prospects among the various economic operators.
Therefore, after having briefly described the demographic trends and migratory flows detected in Italy, in this paper we try to determine their main economic and financial effects, as well as to identify and articulate an overall hypothesis of economic policy solution for the problems noted above.