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Sending Money Home: European flows and markets

Date published: July 8, 2015
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Migration and remittances are deeply embedded in the history of Europe and its people. More than 100 million Europeans left their home countries during the 19th and early 20th centuries, and many sent money back to relatives. This phenomenon has changed dramatically over the past 50 years, driven by the demographic realities and economic needs of aging populations in developed countries, the integration and expansion of the EU, the dissolution of the Soviet Union, and post-colonial ties to several African and Asian countries. Europe now has a migrant population of more than 50 million. Once a net remittance-receiving region, Europe is now a major source of remittances for countries within its own borders as well as developing countries worldwide.