Mauderer urges Europe to mobilize capital for AI growth
Sabine Mauderer, First Deputy Governor of the Deutsche Bundesbank, urged Europe to mobilize financing for AI development and adoption. Speaking at AI Week Frankfurt, she linked productivity gains to investment in infrastructure, skills and business processes.
Adoption outpaces deployment at scale
A Bundesbank survey found that 68 percent of German businesses use generative AI or plan to by the end of 2026.
Around half of users anticipate productivity gains, but only 7 percent deploy it at larger scale.
Mauderer said companies must adapt processes, use their data and train employees rather than merely buy software.
She identified opportunities in engineering, automation, pharmaceuticals and chemicals.
Germany created more than 3,000 start-ups in the first half of 2026, up over 50 percent; one third focus on AI.
She also cited renewed German growth and a planned pension reform introducing asset-funded pensions.
By turning more citizens into investors, she said, the reform offers a route toward a stronger capital market culture.
Savings seek productive investment
Euro area households hold over €36 trillion in financial assets, yet European start-ups struggle to finance expansion and may seek capital abroad, Mauderer said.
Smaller firms use banks, larger companies also tap equity and debt markets, and start-ups rely on venture capital.
Major US technology companies have around €40 billion in euro-denominated bonds outstanding.
The Organisation for Economic Co-operation and Development estimates that nine major technology firms could invest $4 trillion by 2030.
AI adoption also requires financing for equipment, software and training.
Returns remain unproven
Mauderer said the scale of AI productivity gains and the returns on individual investments remain unknown.
She warned that disappointed expectations risk further equity repricing and higher AI refinancing premia.
Europe's task, she argued, is to mobilize capital and apply AI effectively across its economy.