Artificial Intelligence could become either the greatest catalyst for progress humanity has ever known or a powerful mechanism for widening inequalities and concentrating economic power, warned the Governor of the Bank of Greece, Yannis Stournaras, speaking at the 4th “Quo Vadis AI?” conference.
Mr. Stournaras described Artificial Intelligence as a turning point for the global economy, emphasizing that it is already affecting productivity, the labor market, inflation, and financial stability. As he noted, the new technology can increase the potential output of economies and even have a deflationary effect by boosting productivity; however, the transition will not be smooth or automatic.
He made a special mention of Greece, emphasizing that it possesses a highly skilled workforce and a significant pool of scientists abroad, factors that can be turned into a competitive advantage if supported by investments in education, research, digital infrastructure, and the connection between universities and businesses.
At the same time, he warned of the new risks posed by the concentration of data and computing power in a few large technology companies, as well as the challenges arising for central banks and supervisory authorities.
“Technology in and of itself has no destination. We are the ones who give it direction,” concluded the Governor of the Bank of Greece, noting that the outcome will be determined by the policies and decisions made today.