EU Fears Falling Behind US in AI Revolution
EU Commissioner for Economy and Productivity Valdis Dombrovskis has warned that Europe cannot afford to fall behind the US in the current technological revolution, particularly in information and communications technology (ICT). Speaking after a meeting of finance ministers at Dublin Castle, Dombrovskis noted that during the internet revolution, the US created 'digital giants but we didn't'.
The Commissioner emphasized that ICT is the key sector where European productivity lags behind the US. He highlighted that the AI revolution has the potential to be even more transformative in terms of productivity and economic distribution, which is why the EU is paying close attention.
In a joint press conference with Irish Minister for Finance Simon Harris, Dombrovskis also discussed the under-deployment of AI technologies in the European Union. He stated that there are many AI technologies being used today that are 'under-deployed' in individual member states and public services, which is a challenge that needs to be addressed.
Harris added that the EU ministers were briefed by the IMF on how AI technology is being deployed worldwide. He mentioned that Europe's development of new products in this area is on par with other regions, but the under-deployment of these technologies in public services remains an issue.