A new report from the European Investment Bank (EIB) underscores the need for increased funding for innovation in the European Union to maintain its technological leadership and compete globally in key sectors like AI and emerging technologies.
On July 24, the EIB released this report, highlighting the “critical need” to remove investment barriers and direct savings into essential areas of the EU market.
EU Pushes for Innovation
The report, titled “The Scale–up Gap: Financial Market Constraints Holding Back Innovative Firms in the European Union,” emphasizes the importance of greater investment in growing companies to maintain the EU’s technological edge and compete globally. Closing the financing gap for these firms is essential for advancing technologies in green tech, artificial intelligence (AI), and quantum computing.
The EIB has been advocating for this focus on technologies since June 2021, when it released a similar report called “Artificial Intelligence, Blockchain and the Future of Europe.”
Since then, the EU has become one of the first regions in the world to implement a comprehensive set of regulations for the AI sector. Additionally, it has begun enacting laws related to crypto and blockchain under its Markets in Crypto–Assets (MiCA) regulation.
Summary Review: EIB’s call for more innovation financing is a critical step towards ensuring the EU’s position as a global leader in technology and innovation. By addressing the financial constraints faced by innovative firms, the EU can continue to advance in key technological areas and remain competitive on the global stage.
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