Lagarde: Europe still has much to gain from artificial intelligence.

European Central Bank President Lagarde said that even though Europe may not be leading in developing cutting-edge models, it can still make use of artificial intelligence. Speaking in Washington, D.C., she said, "If history is anything to go by, the greater economic benefits may not come from producing these tools, but from applying them across a wider range of economic sectors." She particularly emphasized manufacturing and industrial processes. She stated that in this area, "Europe is in a prime position," citing a survey that EU manufacturing companies are ahead of their American counterparts in using AI, big data, and deploying robot technology. Lagarde said, "Europe's industrial base - sometimes seen as a legacy of the old economy - could ultimately become its most important asset."