ECB chief: Europe can’t afford to miss AI revolution
AgenciesEuropean Central Bank chief Christine Lagarde said Wednesday that the continent could not afford to miss out on the artificial intelligence revolution as the continent’s gr...
European Central Bank chief Christine Lagarde warned on Wednesday that Europe cannot afford to miss out on the artificial intelligence revolution as the continent's growth model faces mounting pressure. The United States and China are seen as the leaders in AI, with their companies developing the most advanced large language models and rapidly constructing large data centers.
Lagarde pointed out that Europe largely missed out on the first digital revolution, as the commercial benefits of information and communication technologies were unfairly captured by other regions. She emphasized that Europe cannot repeat this mistake with artificial intelligence, which is the second digital revolution.
While European companies are investing heavily in AI, Lagarde highlighted the barriers within the eurozone that prevent them from scaling up their operations. Fragmentation of EU markets means firms are not competing sufficiently across the entire eurozone and face difficulties in raising funds, especially when compared to their US counterparts. As a result, fewer firms are growing to a global size, and the diffusion of new technologies across the economy is slower.
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