While everybody is fixated on fertility rate, the actual thing important for pensions is the pyramid. And the demographics pyramid of the EU (West of it least) looks pretty ok (not great, not terrible) from 20 y.o upwards. It's not sustainable forever and it rubs the fascists the wrong way for obvious reasons, but it's not even half that bad that the 1.20 number makes you imagine.
It's also very much possible this is a transitive thing and not the new settled norm.
