There is no real pilot shortage at all. However, there might be a certain shortage of terms and conditions that appeal to experienced pilots. What some airlines in europe do not realise, that especially on the captains market they actually do compete with chinese airlines which offer european bases, working half a year at twice to three times the pay. And of course they do compete with european airlines that do offer better terms and conditions as well. Although those usually do not hire DECs, they can and do train internally.
Well said!