Digital products & services shape almost every sector of modern life. They have become an important backbone of the world's economy and society. The balance of our digital economy depends on a delicate interplay between tech companies, startups, software developers, foundations, and other stakeholders - many of which have partly become autonomous in recent years.
German President Frank-Walter Steinmeier made a rallying cry for Europe's future global competitiveness at a City of London banquet, as he wrapped up the second day of his UK state visit. Addressing guests inside the historic Guildhall in the British capital's financial district on Thursday, Steinmeier urged the continent to adopt some of the so-called Square Mile's innovative "spirit" to counter a narrative of decline.
Europe stands at a pivotal moment. On one hand, demographic pressures, energy market volatility and sluggish productivity are squeezing growth. On the other hand, the continent has an opportunity to reassert its competitiveness with the United States and China, which are taking the lead in strategic technologies such as AI. This matters because AI is arguably the most transformative technology for productivity in history.
At a time of unprecedented technological, economic, and geopolitical change, Europe's ability to lead in AI innovation and adoption will be critical to meet the competitiveness and sovereignty challenges so clearly identified by Mario Draghi.