António Dias da Silva, an ECB expert on AI adoption, and Miles Parker, an economist focused on AI and energy consumption, dive into the transformative impact of AI on the economy. They discuss whether AI will replace jobs or create new opportunities, emphasizing the necessity of reskilling. The duo explores demographic differences in AI adoption and how policy can facilitate corporate integration. They also tackle the increasing energy consumption of AI technologies, comparing their demands to traditional activities, and ponder the balance between digital innovation and sustainability.
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insights INSIGHT
AI: Job Taker or Changer?
AI's potential impact on jobs is being debated, with some fearing widespread replacement.
Others believe AI will primarily change jobs, not eliminate them entirely.
question_answer ANECDOTE
AI in Journalism and Film
An Italian newspaper published an entire special edition written by AI.
Hollywood fears AI-generated video could end cinema, highlighting job displacement concerns.
insights INSIGHT
Technology's Impact on Jobs
New technologies often create more opportunities than they eliminate, but transitions can be painful for some workers.
AI may change jobs and necessitate reskilling and retraining.
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Will AI take our jobs? Does AI boost economic productivity? Is it a choice of going green or going digital?
Our host Paul Gordon talks to ECB colleagues António Dias da Silva, Guzmán González-Torres Fernández and Miles Parker to find out what AI means for the economy, especially for productivity, job prospects and energy supply.
The views expressed are those of the speakers and not necessarily those of the European Central Bank.
Published on 9 April 2025 and recorded on 3 April 2025.
In this episode:
00:55 Is AI replacing jobs?
Can AI ever replace jobs in journalism or film-making? Will AI be our next podcast host?
02:14 Is AI a job changer?
How are new technologies changing our jobs?
04:00 Age, education and gender
Who uses AI and how do people feel about it? Does AI usage differ based on age, education and gender?
06:57 Sectors with the highest AI usage
Which sectors use AI the most? What’s behind the different attitudes towards AI in different areas of the economy?
09:00 Corporate usage of AI
What do companies need to effectively use AI?
11:02 How does AI affect productivity?
How can AI be put to good use? To what extent can Europe’s economy grow with current AI usage? Is the world ready for AI?
13:29 The role of policymakers
How can policymakers make it easier for companies to use AI?
15:10 AI and energy consumption
How much energy does AI need? How much energy does ChatGPT use for one search? Will energy demand go up or down?
17:15 Go green or go digital?
Do we need to choose or does AI allow both? How could AI help the green transition?
19:10 Obstacles
What are the roadblocks to the green and digital transitions? What investment is needed to make these transitions a success? What else needs to be done?
21:50 Our guests’ hot tips
António, Guzmán and Miles share their hot tips with our listeners.
Further reading:
The ECB Blog: AI adoption and employment prospects
https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250321~6af1337b6b.en.html
The ECB Blog: AI versus green: clash of the transitions?
https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250325~ed12b0ff35.en.html
The ECB Blog: AI can boost productivity – if firms use it
https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250328~60c0a587f7.en.html
Hot tip from António: Tech-focused podcast Babbage by The Economist https://www.economist.com/audio/podcasts/babbage
Hot tip from Guzmán: The ECB recent conference on “The transformative power of AI: economic implications and challenges”
https://www.ecb.europa.eu/press/conferences/html/20250401_transformative_power_of_ai.en.html
Hot tip from Miles: International Energy Agency website
https://www.iea.org/
ECB Instagram
https://www.instagram.com/europeancentralbank/
European Central Bank
www.ecb.europa.eu
ECB Banking Supervision
https://www.bankingsupervision.europa.eu/home/html/index.en.html
The ECB Podcast