AI Won’t Kill Jobs in Europe — It’s Actually Creating More, Nagel Reveals

Fears of AI wiping out jobs spread across the world. ECB President Christine Lagarde said her institution is closely monitoring any signs of AI adoption sparking widespread job losses across Europe

But Bundesbank President Joachim Nagel pushed back on Tuesday, speaking to students in Karlsruhe. He said past technological upheavals show that “generally, more jobs were created than were lost.”

Nagel cited ECB studies confirming AI isn’t currently replacing jobs in Europe. Companies already using AI extensively report they are actually increasing their workforce — not cutting it.

Still, Nagel warned that routine white-collar work is losing its value. AI can already do much of this work faster and more cost-effectively. But less work for humans overall? “That isn’t a foregone conclusion.”

On the global race, Nagel admitted the US has a head start in large language models. But for AI in industrial processes, he believes the race is still “wide open” — and Europe has a real chance.

Germany and Europe sit on a “treasure trove” of industrial data for training AI models. Bundesbank’s corporate survey shows rapid progress. Tailored AI solutions in manufacturing, logistics and maintenance could give Europe its edge.




