Jurisdiction(s):
European Union

Draghi report urges EU Cloud and AI Development Act, harmonised GDPR–AI Act approach, sandboxes, and investment in computing capacity to close EU–US productivity gap

Published on: 11 September 2024

Published by an LexisNexis EU Law expert

Legal News

Article summary

The report observes that the main factor behind the widening productivity gulf between the EU and the US — which began in the mid‑1990s — is Europe’s missed chance to harness the first internet‑led digital revolution, both by founding new tech companies and by diffusing digital technologies throughout the broader economy.

Spotlight on digital technologies

Draghi’s analysis notes that, stripping out the tech industry, EU productivity over the last twenty years is broadly on a par with the US. However, Europe trails in the breakthrough technologies set to underpin future growth. Since 2017, about 70% of foundational AI models have originated in the US, and just three American hyperscalers capture more than 65% of the global as well as the European cloud markets, the report states. In practice, the EU cloud services market has largely slipped to US-based providers. Quantum computing is flagged as the next major wave of innovation, yet the Italian statesman adds that none of the ten leading technology companies investing in this field is based in the EU...

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