José Luis Escrivá rejects equating investments in AI with others that ended in a bubble

José Luis Escrivá, governor of the Bank of Spain, dismissed comparisons between current AI investments and past financial bubbles, expressing optimism about AI's impact on competitiveness. He noted that while some companies may face challenges, many investments are made with capital rather than leverage. Emmanuel Moulin, governor of the Bank of France, echoed this optimism but cautioned about the increasing reliance on debt for financing, which could pose risks amid potential interest rate hikes. Luis de Guindos, former ECB vice president, acknowledged ongoing corrections in company valuations but refrained from linking the situation to the dot-com bubble. The discussion also touched on the candidacy of Pablo Hernández de Cos for the ECB presidency, with support expressed by de Guindos.