Former European Central Bank president and Italian prime minister Mario Draghi told an audience at ETH Zurich (Switzerland's leading technical university) that Europe's old export-driven growth model no longer works, citing Chinese competition, US protectionism and productivity growth only half America's. Speaking at a lecture series hosted by the Swiss National Bank, he said the continent must invest more in new technologies such as artificial intelligence and move faster on completing the single market and a capital markets union. He argued that only closer integration can restore growth, without which rising public debt would become unsustainable and force harsh austerity.