Europe's decades-old economic model, which has relied heavily on an expanding workforce, is coming to an end, the chairman of euro zone finance ministers said on Wednesday, pointing to the need to mobilise savings to finance investment and innovation. Kyriakos Pierrakakis told a conference organised by the European Investment Bank that Europe's economy was facing strong demographic headwinds and by 2040 its workforce, currently around 200 million people, could be shrinking by close to two million people per year.