HSBC has released a note on the current movement of migrants into Europe which says that it will be a good thing for the continent.

Its analysts write: "From an economic perspective, Europe needs more workers. It is well known that most parts of Europe have rapidly ageing populations. This results in slower growth and thus tax receipts, whilst simultaneously increasing government spending through pensions and healthcare.

"The eurozone, in particular, is about to embark on this demographic challenge with a mountain of debt. The easiest way to support more pensioners is to have more taxpayers."

While many politicians fear an influx of migrants, the bank argues that economically it is a good thing. After the initial cost of settling migrants, it argues that they can help ageing countries to increase their tax intake.

The World Bank has also published a report which outlines the positive economic impact that these migrants will have in European countries.

Its president, Jim Yong Kim commented, 'If countries with ageing populations can create a path for refugees and migrants to participate in the economy, everyone benefits. Most of the evidence suggests that migrants will work hard and contribute more in taxes than they consume in social services."

HSBC argues that more eurozone countries should be opening their boarders to take in migrants:

"Out of a working age population of 220 million, we estimate that one million more immigrants per year could boost eurozone potential growth by 0.2% per year, and cumulatively potential GDP by 2025 could be EUR300bn higher than it would have otherwise been," he says.

"Whilst it takes time to integrate immigrants into the labour force, even in the short term, higher public spending needed to cope with the crisis could support growth."