Transformative power of AI: Europe’s moment for action

Speech by Christine Lagarde, President of the ECB, BratislavaAI Forum on Artificial Intelligence and Education at a high-level OECD event on the 25th anniversary of “Better Policies for Better Lives”, Bratislava

It’s an honor to talk to you today about artificial intelligence.

In 1987, Robert Solow famously remarked, “You can see the computer age everywhere except in the productivity statistics.”

The same observation could be made today. We are seeing AI advance at a remarkable pace. Yet its overall impact is still barely visible in the data.

Last year, global corporate investment in AI reached $252 billion, and private AI firms raised a record $100 billion.⁽¹⁾
Five U.S. investors leading in capital spending are now companies with a strong focus on AI. None of these companies were among the top ten investors a decade ago. ⁽²⁾

Some…