Mario Draghi, former president of the European Central Bank (ECB), has expressed concerns about the future of Europe's economic system, pointing out that the belief that other policies would ensure economic growth is no longer valid. Draghi shared these thoughts during a conference held by the Swiss National Bank at the Federal Institute of Technology in Zurich, in honor of economist Karl Brunner. Draghi referenced "Brunner's condition," a principle that suggests a central bank can only maintain monetary stability if governments manage their debt effectively. This principle hinges on the idea that the rate paid on debt should be lower than the rate of economic growth ("r minus g"). In the 2010s, the ECB helped maintain this balance through its policies, but Draghi argues that this approach is no longer feasible. He notes that a central bank cannot indefinitely support economic growth, and the current situation does not allow for this. Draghi warns that the European Union is now facing a new challenge: even strict fiscal policies are not enough to address the growing economic imbalance. The cost of borrowing money is increasingly influenced by external factors, such as policies in the United States and developments in artificial intelligence infrastructure. This has created a situation where Europe is absorbing the full impact of rising interest rates but only a small portion of the resulting economic growth. He emphasizes that growth remains the only tool Europe can use to improve its economic standing. Draghi highlights that European businesses are limited by the boundaries of national markets and that individual country reforms cannot meet the demands of modern technology. He suggests that only greater European integration can solve this problem, including completing the single market and enhancing collaboration on financial markets and computing power for AI. He estimates this would require around 100 billion euros in investment. Draghi stresses that the Maastricht framework, which sets economic criteria for EU membership, will remain stable only if lawmakers fully commit to growth as a key goal of the Union. He argues that growth and economic independence must support each other for the framework to stay effective. The European monetary framework was originally built on the idea that growth would be supported by other policies. This idea was tested during the financial crisis and the following sovereign debt crisis, which put the system under pressure. During these times, the ECB had to take strong action to support growth and stabilize the economy, including reducing interest rates and buying government bonds. However, Draghi points out that today's economic environment is different, with long-term interest rates in the euro area rising due to factors outside Europe's control, such as global inflation and increased debt issuance, especially in the United States. These factors make it harder for European governments to manage the cost of their borrowing, even with sound financial positions. The discussion also highlights the growing influence of artificial intelligence and data centers in shaping the global economy. Large investments are being made in these areas, much of it financed through debt. This trend is expected to continue, further affecting global interest rates and economic dynamics.