ECB: Europe cannot afford to miss the opportunities offered by artificial intelligence

Christine Lagarde, the president of the European Central Bank, stated that Europe cannot lose the race for artificial intelligence in an increasingly pressing economic context.

At an event of the World Economic Forum in Geneva, Lagarde highlighted that the European Union missed the first digital revolution and must not repeat this mistake in the face of the second digital revolution.

Currently, the United States and China dominate the development of artificial intelligence, having companies that invest heavily in advanced technologies.

Lagarde mentioned that European firms face obstacles, such as the fragmentation of markets in the euro area, which limits their ability to compete in a single market.

She emphasized that Europe's post-war economic model, based on a stable global order, cheap energy, and international trade, is eroding due to international changes, including the protectionist policies of the U.S.