A truly magnificent venue for the Global Media Group meeting in Lisbon in the October sunshine to discuss the Millennial demographic and their evolving position as savers, workers, citizens. In preparation for this speech, I delved into the particular situation in Portugal. Millennials, known as the 500 euro generation ( you can guess for depressing reasons), suffered the worse during the recession, with youth unemployment running at 38% in 2013 (it is still at 25%). Many grads decided to emigrate, mostly to Northern Europe. The common perception is that ‘the old squandered the legacy of one but two generations.’ It makes the intergenerational unfairness debate in the UK look pretty petty. Portugal is right to be concerned about their demographics; they have the third highest ageing rate in Europe and with an average retirement age at 63, it is no surprising that state expenditure on pensions is at unsustainable levels. Added to this, is the fact that they have one of the lowest fertility rates in Europe. Given all this and the fall out from the Eurozone crisis, you would expect a sense of bewilderment but the conference was one of pragmatism. Govt, policymakers and business in Portugal are moving forward, and with the economy on the up, they are more confident than ever.