Europe can't afford to miss AI revolution: ECB chief
Lagarde said more than 2,500 trade restrictions and fragmented capital markets are slowing investment, while EU firms risk missing the AI boom.
- On Wednesday, European Central Bank chief Christine Lagarde warned Europe "cannot afford to repeat that experience with artificial intelligence," citing the continent's failure to capture gains during the first digital revolution.
- Lagarde noted Europe's post-war growth model relied on "three pillars"—US security guarantees, cheap energy, and global trade—but "all three are weakening as the international environment changes," she said.
- Market "fragmentation" across the European Union prevents firms from competing or raising funds effectively, resulting in "fewer firms growing to global size" compared to companies in the United States and China.
- Relations between the United States and Europe have been shaken by President Donald Trump's return to the White House, where he has questioned security commitments and imposed hefty tariffs on European Union imports.
- European companies invest heavily in artificial intelligence yet face persistent scaling barriers, making a return to the continent's previous growth model "unlikely to return to the form we once knew," Lagarde added.
54 Articles
54 Articles
European Central Bank (ECB) President Christine Lagarde urged Europe on Wednesday not to miss out on the current revolution in artificial intelligence (AI). The rapidly developing technology is currently receiving massive investment but is dominated by big tech companies from the United States and China, AFP reports.
The model of economic growth on which Europe has been based for decades is eroding, on the basis of the fragmentation of world trade, of the change in relations with the United States and of the growing geopolitical threats, warned on Wednesday the President of the European Central Bank, Christine Lagarde, quoted by the CNBC.
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