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Artificial intelligence is reshaping the global economy, labor, education, and finance, creating vast opportunities but also deep challenges, speakers warned at the 21st Economist Conference in Cyprus, where AI dominated this year’s agenda.
According to Kathimerini's Panayiotis Rougalas, Central Bank of Cyprus Governor Christodoulos Patsalides said AI’s valuation is already “very high,” urging caution over climate and fiscal risks in Europe and the U.S. He confirmed the digital euro is entering its second preparatory phase, aiming for legislative completion during Cyprus’ EU presidency. Digital assets, he said, “must be regulated and supervised,” adding that the digital euro will help build “other secure digital currencies.”
Technology investor Paul Meeks of Freedom Capital Markets compared the AI boom to the early internet bubble, saying, “Yes, it’s a bubble, and yes, it may burst, but I’m not worried yet.” He predicted aggressive AI infrastructure spending will continue through 2027, calling it a competitive advantage for major tech firms.
On the financial front, Gregory Dellas of ECOMMBX stressed that AI’s ability to analyze millions of transactions within seconds must be paired with human oversight to ensure responsibility. Raheli Bindman of One Zero Digital Bank called AI a “key factor” for a transparent financial model, envisioning predictive tools that guide customers toward smarter, stress-free financial choices, “helping them trust technology as much as their banker.”
Education Minister Athina Michaelidou said AI is no longer a distant promise but a daily reality, driving Cyprus toward a “digital and pedagogical transformation.” She emphasized equal digital access and ongoing teacher training to ensure technology enhances, not replaces, pedagogy.
AI consultant Nikolaos Mavridis warned that societies must act fast so “no one is left behind.” The goal, he said, is not to make humans work like machines, but to make machines help humans “think, create, and care.” Without cooperation among academia, business, and government, he cautioned, inequality could deepen.
Closing the conference, Philippos Soseilos, CEO of PwC Cyprus, described the AI era as “a crossroads redefining what’s possible.” While jobs will inevitably shift, he said, the focus must be on reskilling. “You won’t lose your job to AI,” he said, “but to someone who uses it better.”
