Rapid advancements in the field of Artificial Intelligence (AI) are expected to deliver significant economic and productivity benefits. The EU, which risks returning to a low-growth path, would benefit from the development and adoption of AI systems. However, in almost all key metrics, the EU lags far behind the US and China in AI. To reverse this trend, Europeans must tackle the structural causes that have held back AI companies, including Single Market barriers and the lack of VC funding. Europeans should also focus their efforts on open-source AI leadership to boost business adoption. Greece would also benefit significantly from these EU-wide reforms. But at the same time, Greece will need to pursue its own vertical niche in AI in order to become an AI exporter.
Author: George VERDI, Policy Fellow, European Council on Foreign Relations (ECFR)
This article is available on the ELIAMEP.
