Can the EU catch up with the USA and China with its AI agenda?

At a recent AI summit in Dublin, EU leaders emphasized the need for trustworthy AI to enhance competitiveness. Critics argue that the EU lags behind the US and China in AI development and innovation. Former ECB President Mario Draghi highlighted the importance of AI for economic growth but noted the EU's limited control over the value chain. While discussions focused on the potential of AI, concerns about environmental impacts and job losses were largely overlooked. The EU's current AI capabilities are significantly behind those of the US and China, with only 5% of global AI computing power. The Irish government presented a strategy to strengthen European AI capabilities, but doubts remain about the EU's ability to balance regulation and innovation effectively.