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The population of the North of Italy will undergo intense structural change over the next few years. The essay considers the phenomenon and its principal cause – namely, the extremely low birth rate – highlighting some of the most predictable consequences: the progressive rarefaction of the younger generations will cause a slowdown in the turnover of human capital on labour markets; the shift in the barycentre of the population towards the elderly will probably make the system more rigid, limiting the room for manoeuvre of the public finances, making the management of human resources in firms more complex and burdensome and deterring the mobility propensity of individuals; finally, in towns and cities, the heftiest resources will be allocated to maintaining and improving existing real estate. Unless corrective measures are taken, these consequences would not appear to be conducive to growth. The essay ends by identifying some areas of intervention in which it might be effectively possible to fight the consequences of a demographic evolution that is, to a large extent, already certain.