Wolfgang Münchau rightly points at some reasons why the EU has been lagging behind the US and China in AI patent filings, AI investments – simply in all areas of the new AI era /FT, 24 February 2020/.
Western Europe had no oil – apart from Scotland and Norway – in the long petrodollar era between the 1970s and the 2020s. This might be one of the reasons why the US could defeat Europe by now, after saving it in three world wars between 1918 and 1992.
Data is the new oil, the fuel of the new era of AI. In principle, the EU has huge resources; however, due to the distorted and mismanaged European institutions it will not use them.
Governor Matolcsy, MNB, the Central Bank of Hungary