AIDA: MEPs debate how to boost competitiveness by artificial intelligence

You can watch the recording of the debate from this link.

“The digital revolution will bring with it a reshuffle of the established global order: those who are digitally competitive will stay ahead and become the new ‘digital superpowers’, while those who are not digitally competitive will fall behind, no matter what their relative position is now,” said AIDA committee Chair Dragoș Tudorache (Renew Europe, RO).

“Is the EU doing enough to remain competitive on the global stage? Innovation and start-ups are the lifeblood of an economy and of economic growth. We need to work on supporting our start-ups and SMEs and securing a regulatory environment where they can thrive, become unicorns, go global, become tech giants, and compete with the other unicorns and global giants out there. For this, we need to think from their perspective and ensure that their needs are served,” he said.

The first panel focused on regulatory options for enabling the potential of AI solutions in order to boost competitiveness. Speakers highlighted the need to support innovation, create a safe and transparent business environment and ensure access to high quality data. Future AI solutions will have to be trustworthy, for a generation who values ethical corporate behaviour.

The second panel focused on the challenges faced by EU businesses in entering AI markets and adopting competitive AI solutions. Speakers stressed the need for massive investments in research, robust infrastructure and ecosystems, and inclusive data, and highlighted that the EU will be influential on the world stage only if its Member States work together. Delegation of decisions to AI may also come at the price of loss of control, and competition may exacerbate this dynamic.

Background

AI is seen by many as an engine of productivity and economic growth. It can increase the efficiency with which things are done and vastly improve the decision-making process by analysing large amounts of data. It can also spawn the creation of new products and services, markets and industries, thereby boosting consumer demand and generating new revenue streams.

However, AI may also have a highly disruptive effect on the economy and society. Some warn that it could lead to the creation of super firms – hubs of wealth and knowledge – that could have detrimental effects on the wider economy. It may also widen the gap between developed and developing countries, and boost the need for workers with certain skills while rendering others redundant, push down wages and shrink the tax base.

While these concerns remain valid, they are not a given. The EU has a potential to improve its standing in global competition and direct AI onto a path that benefits its economy and citizens. In order to achieve this, it first needs to agree a common strategy that would utilise its strengths and enable the pooling of Member States’ resources in the most effective way.