On March 24, European Central Bank Chief Economist Philip Lane stated that Europe's reliance on bank financing is hindering its innovative development centered around artificial intelligence. Lane indicated that this is also why governments must urgently advance a long-term vision for a savings and investment union. This adds weight to the argument for strengthening closer cooperation among the 27 EU member states. Lane pointed out, "The euro area's bank-centric financial system is not a good match for the scale and nature of artificial intelligence opportunities. Bank-based financing is structurally less suited for intangible, long-term investments, while alternative channels such as venture capital and private credit are too weak in the euro area." He stated that it is necessary to establish a "deeper, more integrated capital market that can broaden the investor base for intangible asset-intensive projects, promote cross-border risk sharing, and reduce the demand for bank financing."