I have a feeling that Italy, Spain and the AA+ rating on the US will take care of that...at least in the short term.
Long term....? Not so sure. BA need 800 pilots by 2016, Gulf airlines need 1700 pilots per year, airbus backlog for the 320neo is now 1000+ aircraft and Boeing has how many orders? China and India still showing showing double digit growth rates etc etc...
Then again, we have been hearing about this so called "pilot shortage" before haven't we?