It is a known fact that Artificial Intelligence (AI) has opened diverse opportunities in the world of technology, but it is no secret that the economic impact of AI has also been momentous for its adopters. Come 2030, AI based initiatives will pump 12.8 trillion Euros into the global economy!* Caught up in the global frenzy to prove dominance in the realm of AI, the European Union which was till very recently nascent in its AI advancements, has now set up extensive AI strategies to further boost its economy. With a united stance, the European Union took the big leap in the direction of AI when in 2014 they announced the launch of Horizon 2020. The biggest EU Research and Innovation program till date, Horizon 2020 was initiated in order to develop a conducive environment for producing world-class innovations within the continent.

Deployed wisely, AI holds the promise of addressing some of the world's most intractable challenges. But the significance of its positive impact is mirrored by its likely destabilising effects on some aspects of economic and social life. Our paper explores the opportunities and ethical challenges that come with AI and focuses on how Europe can sharpen its competitive edge vis-à-vis other leading economies, such as the United States and China.

Good afternoon and welcome to this hearing convened by the European Political Strategy Centre on a European Union Strategy for Artificial Intelligence. My name is Ann Mettler and I'm the Head of the European Political Strategy Centre, the EPSC, which is the European Commission's in-house think tank. I'm joined on my left by Mario Mariniello, Digital Adviser at the EPSC. This hearing is organised in order to contribute to the European Commission's internal reflection on Artificial Intelligence. There will be a communication on Artificial Intelligence, which will be published in April, and it will also be among the topics that EU leaders will discuss at an informal summit in Sofia, Bulgaria, in May.