ECB’s Escrivá: Traditional Growth Drivers Losing Steam as AI Emerges as New Engine

4 November 2025

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member José Luis Escrivá said on Tuesday that the traditional engine of global growth, driven by trade globalization, integrated supply chains and strong migration flows, was now losing momentum.

In a panel discussion at the Santander International Banking Conference in Madrid, Escrivá, who heads the Banco de España, said that “this engine is becoming exhausted,” but noted that artificial intelligence and other innovative technologies are beginning to take on this pro-growth role.

To fully realize efficiency and productivity gains from AI, Escrivá stressed the need for broader adoption across countries and economies, particularly among small and medium-sized enterprises. He added that a wider range of sectors must embrace these technologies to generate meaningful change.

Turning to stablecoins, Escrivá underlined the importance of central banks maintaining a key role in this evolving landscape, emphasizing that they must ensure their presence in this “new world.”