ECB’s Lane Says AI Is Another Reason to Finish EU Savings Union

Europe’s reliance on bank-based funding prevents the continent from reaping the full benefits of innovation centering on artificial intelligence, according to European Central Bank Chief Economist Philip Lane.

That’s why governments must urgently make progress on the long-envisaged savings and investments union, Lane said in a speech for delivery in Frankfurt, adding to arguments in favor of tighter cooperation among the European Union’s 27 member states.