EU tech policy increasingly reflects fear of missing out rather than strategic planning. The obsession with AI stems from anxiety about losing competitiveness to US and China, not necessarily sound economic reasoning. This FOMO-driven approach overlooks what truly matters: productivity growth through smart AI deployment across economic activities, rather than just developing homegrown large language models.

The consequences of technological dependence are stark. The Eurozone has shifted from a €100bn annual surplus to a €50bn deficit with the US, largely due to rising payments for business services and intellectual property. This pattern shows an economy increasingly dominated by foreign suppliers extracting economic rent. Beyond economics, technological dependence risks geopolitical subjection and threatens European freedoms.

Europe's AI challenges stem from structural issues: fragmented markets that hinder scaling, inadequate pathways from science to commercial products, and insufficient capital to connect savings with entrepreneurial talent. Solutions exist but require political leadership. Rather than new AI-specific policies, Europe should leverage public procurement to create markets for European digital tech, particularly in sensitive areas where security concerns align with industrial strategy.