{
  "id": 11346395,
  "title": "Mario Draghi fordert in Zürich eine stärkere europäische Integration: «Das alte Wachstumsmodell funktioniert nicht mehr»",
  "url": "https://urgent.news/2026/10/02/mario-draghi-fordert-in-zurich-eine-starkere-europaische-integration",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-02T03:30:00.000Z",
  "source": {
    "name": "NZZ Wirtschaft",
    "slug": "nzz-wirtschaft",
    "url": "https://www.nzz.ch/wirtschaft/mario-draghi-fordert-in-zuerich-eine-staerkere-europaeische-integration-das-alte-wachstumsmodell-funktioniert-nicht-mehr-ld.10026365"
  },
  "original_language": "de",
  "account": "Mario Draghi, the former President of the European Central Bank (ECB), urged for stronger European integration in Zurich. Addressing an audience at ETH Zurich, the former ECB chief warned that the old growth model no longer functions. Draghi spoke softly but passionately about the need for more growth, emphasizing that only by prospering would Europe have a future. He lamented that Europe's old export-driven growth model had become obsolete, with China becoming an increasingly fierce competitor. Draghi also highlighted that Europe was particularly hard hit by the US's protectionist policies, with European productivity growth only half that of America. The gap in growth had widened significantly, and if the continent failed to reignite economic growth, it would no longer be able to finance rising government debt, leaving only a rigorous austerity path. Despite these ominous predictions, Draghi remained optimistic, stating that Europe could still achieve growth. He stressed the need for greater investment in new technologies, especially catching up on artificial intelligence. Draghi advocated for a credible central bank that keeps inflation in check as a prerequisite for attracting investments. If that were achieved, Europe could continue to benefit from low interest rates. Draghi's confident words seemed to resonate, especially considering his own heroic feat of becoming the \"savior of the euro\" in 2011 when the continent was in crisis. The southern European countries Portugal, Italy, Greece, and Spain (PIGS) were in turmoil, with high debts leading to chaos in financial markets. Draghi's promise to do \"whatever it takes\" to save the euro seemed credible enough to quell panic. Draghi also expanded the power of the central bank by pursuing an interventionist course, most notably by introducing negative interest rates in the Eurozone. In his ETH Zurich speech, Draghi defended his past policies, stating that they were necessary to correct the mistakes made during the financial crisis. The European economy had stagnated for eight consecutive quarters, and a deflation spiral with falling prices, layoffs, and a decline in demand threatened. Draghi claimed that he broke this vicious cycle through his expansionary monetary policy. However, the effectiveness of Draghi's medicine remains disputed. Some, like former German Bundesbank President Jens Weidmann, criticized the ECB's bond-buying program, comparing it to a vampire that sucks the wealth of savers. The financial alchemy of quantitative easing brought short-term profits but ultimately led to inflation and the ruin of the currency order. Draghi's rescue of the euro also undermined fiscal discipline among eurozone member states, with France alone expected to run a budget deficit of over 5 percent this year, exceeding the Maastricht limit.",
  "summary": "Europa müsse neue Wachstumskräfte freisetzen, sagt Draghi. In einer Rede an der ETH Zürich erklärt der frühere Präsident der Europäischen Zentralbank, wie dies gelingen könne.",
  "key_points": [
    "Mario Draghi, former ECB President, calls for stronger European integration in Zurich.",
    "Old export-driven growth model obsolete, with China as fierce competitor.",
    "Europe needs investment in new technologies, especially AI, to reignite economic growth."
  ],
  "editors_take": "Mario Draghi's call for stronger European integration and new growth strategies signals a shift in the continent's economic approach, one that could alter the balance of power within Europe and beyond.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}