“America innovates, China replicates, Europe regulates
It is an extraordinary picture of our situation, because it’s true,” said Italy’s prime minister, Giorgia Meloni.
EU elites are in despair over Europe’s economic death spiral
Treating AI as guilty until proven innocent is the eurozone’s next great error
The biannual gathering of the European elites at the Ambrosetti forum – a mini-Davos on Lake Como, on Chatham House rules – was a succession of grim warnings, punctuated by confessions from battle-weary officials that the half-formed structure of the EU makes it almost impossible to solve any of the problems.
“If we go on like this, Europe is simply going to die,” said a doyen of the EU illuminati.
“America innovates, China replicates, Europe regulates. It is an extraordinary picture of our situation, because it’s true,” said Italy’s prime minister, Giorgia Meloni.
The Artificial Intelligence Act came into force in August – a rushed and messy text informed by the EU’s “precautionary principle”. It treats AI as guilty until proven innocent, more of a threat to humans than a gift to be seized.
The dense legal document is a feast for lawyers: Europe’s cutting-edge coders are fleeing to friendlier climes.
The long-awaited report on Europe’s crisis of competitiveness by Mario Draghi, the man who saved Italy but lost Germany in the process
EU has no money, no treasury, no permanent debt-raising powers, no unified fiscal or tax system. The job cannot be delegated to the national level without obliterating the EU’s state aid regime and setting in motion the disintegration of the union.
Mr Draghi says there is no way around this giant impediment.
EU leaders must either create the machinery of an economic superstate or face the “slow agony” of a dying experiment.
The current halfway house is an unstable equilibrium and cannot endure
It is possible that some of Mr Draghi’s plan could be smuggled through as military rearmament
Mr Draghi is a lifelong evangelist for European integration and always sees the answer as more Europe.
But it is hard not to notice that Europe’s decline coincides exactly with the launch of monetary union at Maastricht
Ambrose Evans-Pritchard Telegraph 10 September 2024
Draghi Says EU Itself at Risk Without More Funds and Joint Debt
https://englundmacro.blogspot.com/2024/09/draghi-says-eu-itself-at-risk-without.html
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