Frankfurt (Germany), 19 Aug. (LaPresse) – “We cannot afford to repeat the experience of the first digital revolution when it comes to artificial intelligence.” This was stated by ECB President Christine Lagarde, speaking at the World Economic Forum’s International Business Council in Geneva. “Europe has, to a large extent, missed out on the first digital revolution, as the commercial gains arising from the spread of information and communication technologies have been reaped disproportionately elsewhere,” said Lagarde. According to the ECB President, in some respects Europe “is well placed to make the most of new technologies”. “We have a world-class research and knowledge base. The EU accounts for around 6 per cent of the world’s population, but is home to as many as 15 per cent of its researchers. It also produces nearly a fifth of the world’s most-cited scientific publications.” “The challenge lies in transforming this knowledge into commercial success and ensuring that new technologies are spread throughout the economy,” Lagarde continued. The ECB President then noted that there are already “encouraging signs” that European firms are investing in artificial intelligence. “Survey data suggest that firms in the euro area plan to allocate, on average, around 9 per cent of their total investment to artificial intelligence this year.” “The question is whether Europe can create the conditions for these investments to spread and reach a larger scale,” added Lagarde.
ECB, Lagarde: “With AI, we cannot repeat the mistakes of the first digital revolution”
Frankfurt (Germany), 19 Aug. (LaPresse) – “We cannot afford to repeat the experience of the first digital revolution when it comes to artificial intelligence.” This was stated by ECB President Christine Lagarde, speaking at the World Economic Forum’s International Business Council in Geneva. “Europe has, to a large extent, missed out on the first digital revolution, as the commercial gains arising from the spread of information and communication technologies have been reaped disproportionately elsewhere,” said Lagarde. According to the ECB President, in some respects Europe “is well placed to make the most of new technologies”. “We have a world-class research and knowledge base. The EU accounts for around 6 per cent of the world’s population, but is home to as many as 15 per cent of its researchers. It also produces nearly a fifth of the world’s most-cited scientific publications.” “The challenge lies in transforming this knowledge into commercial success and ensuring that new technologies are spread throughout the economy,” Lagarde continued. The ECB President then noted that there are already “encouraging signs” that European firms are investing in artificial intelligence. “Survey data suggest that firms in the euro area plan to allocate, on average, around 9 per cent of their total investment to artificial intelligence this year.” “The question is whether Europe can create the conditions for these investments to spread and reach a larger scale,” added Lagarde.