Mario Draghi calls for EU AI investment and data sovereignty

Mario Draghi has argued in an article for the Financial Times that artificial intelligence is a critical lever for revitalizing economic growth in the European Union. He suggests that rapid AI adoption could add between 0.3 and 0.4 percentage points annually to productivity growth, which has remained largely stagnant since 2022.

However, Draghi warns of a significant technological gap, noting that Europe lacks the financial resources of US and Chinese competitors and lags in advanced chip production. He emphasizes that the EU currently hosts less than 5% of the world's AI computing power, compared to approximately 75% in the United States.

To achieve technological sovereignty, Draghi identifies data as Europe's primary competitive advantage, citing its vast potential in sectors ranging from healthcare to manufacturing. To capitalize on this, he stresses the urgent need for increased investment in European data centers and infrastructure to process and store information locally, rather than relying on foreign-owned facilities.