Can Europe catch up in the global tech race?
Considering the rapid pace of development in technologies like AI, the EU risks falling further behind and becoming irreparably dependent on technologies developed elsewhere that do not embed its values. If promoting competitiveness is the priority, these concerns cannot be ignored.
This week, Rasmussen Global hosted a roundtable discussion in Brussels focused on the future of the EU’s role in tech innovation. The event was moderated by Mathias Bay Lynggaard, Senior Project Manager at Rasmussen Global, and brought together senior representatives from EU institutions, think tanks, and business leaders.
Special thanks to our three keynote speakers: MEP Brando Benifei, Malgorzata Nikowska, Head of AI Intelligence and Policy Coordination at the European Commission’s AI Office, and Bertin Martens, Senior Research Fellow at Bruegel.
The discussion centered on three key topics:
1. Is the EU’s framework for tech regulation fit for purpose or an obstacle to innovation? While existing legislation protects fundamental rights, fragmented implementation and overlapping provisions create complexity and an unnecessary regulatory burden on businesses and investors. A “fitness check” of the existing rules is needed, with the goal of streamlining, simplifying, and fine-tuning them.
2. How can the EU develop a financial ecosystem to fund and scale its tech companies? Institutional reform, such as an integrated Capital Market Union, would facilitate cross-border investments in European companies and help attract foreign capital. Mobilizing private capital and fostering synergies between public and private financing to meet infrastructure needs is also crucial to avoid market distortions.
3. What do start-ups need to be able to scale up here and compete globally? The EU has some unique strengths – world-class universities and research institutions, abundant high-quality data, and a focus on rights and values – that should be better leveraged. The new AI Office, devised as a one-stop-shop for everything AI in the EU, can play a key role in leading the change we need.
Now is the moment to forge stronger collaboration between policymakers, industry, and civil society to develop the solutions that will shape our future. Rasmussen Global is working with our partners to make it happen.