A recent poll by CFO.com found that the cost of labor and the shortage of skilled labor topped the list of concerns for European Union financial executives.

However, CFOs across Europe are happy with the priorities of EU politicians, who want to bring 20 million migrant workers to the 27-member bloc over the next two decades.

Executives are pinning their hopes on loosening immigration policies for skilled migrants under its proposed blue card immigration legislation.

Supporters of the blue card scheme say it would make it easier for employers to bring in engineers and other skilled occupations. However - as the saying goes - the wheels of government move slow and it could take a while for the program to get off the ground.

Previous programs designed to attract skilled foreign labor have proved disappointing in nations such as Germany. The German government launched its own "green card" scheme for foreign IT workers but it was scrapped in 2005 after failing to attract many migrants.

However, some EU countries - such as Denmark with its own green card - are still actively encouraging skilled workers from abroad. The Danish Green Card, a points-based system similar to the UK's Highly Skilled Migrant Programme, allows a non-EU migrant with the right skills to come to Denmark for six months to look for a job. If they are successful, a work and residence permit can be issued.

Unfortunately, this does little to help the rest of the EU and its aging population, and executives across the continent are hoping some consensus on the issue can be reached so the blue card immigration program can start bringing in sorely needed new blood.