CEP & ECIPE Discussion: Improving Europe’s Competitiveness – Role of Open Markets, Emerging Technologies, and Strategic Alliances

The COVID-19 pandemic served as a stark wake-up call, emphasizing the urgent need for the EU to improve its resilience against crises. Two years later, with the Russian aggression against Ukraine, the focus of the EU shifted towards urgent improvements to EU’s security. Now, as we stand on the brink of a new era dominated by Artificial Intelligence, our focus is shifting towards enhancing the EU’s competitiveness.

AI and other emerging technologies have the power to accelerate economic growth and reshape industries in profound and unprecedented ways. If the EU is to be a global economic powerhouse it will have to wholeheartedly embrace the vast potential of the AI. The EU’s commitment to embracing AI and other emerging technologies will have to be reflected in substantial investments in research and development, a forward-thinking regulatory environment that fosters innovation while ensuring ethical standards as well as safe and trustworthy technology, and a robust infrastructure that supports the growth of AI technologies and their implementation.

Is the EU prepared and capable of taking full advantage of the opportunities that the AI revolution is offering? What is holding the EU back and what are its strengths that can be tapped into? What is the role of open markets for improving Europe’s competitiveness? Development of trustworthy and safe AI demands a collaborative global effort–how and when should the EU engage with international partners to maintain its competitive edge?