Podcasts · CATO — Geopolitics & Macro | AGORA Intelligence

ECB: in Europe, AI capex is paid for with cash

Episode ECB: in Europe, AI capex is paid for with cash

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The ECB's SAFE survey of 2 October 2026 measures how euro area firms will pay for AI: 72% are counting on their own resources. In Europe, technology capex forms outside the credit channel, and that changes the transmission of monetary policy, the hierarchy among firms and the risk profile compared with the American debt-funded model.

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