In a bombshell report last September, Mario Draghi declared that Europe faced an “existential challenge” if it was unable to return to investment levels in the economy last seen in the 1970s. The former European Central Bank president lamented the economic chasm that had emerged between the EU and the US since the turn of the century and asserted that the prospect of a shrunken workforce – due to a stagnating population – over the coming decades would force the bloc to water down its ambitions unless it dramatically ramped up its productivity. Europe would not, Draghi said, be a…

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