Economists have been debating whether AI could put white-collar staff out of work, and ​a recent study by Germany’s Ifo Institute found ​that more than a quarter of German firms expect ⁠AI to lead to job cuts in the next ​five years.

But the ECB’s own Survey on the Access to ​Finance of Enterprises found that companies making significant use of AI are more likely to take on additional staff in the near ​term.

“In other words, AI-intensive firms tend, on average, to ​hire rather than fire,” the blog post, which is not necessarily the ‌view ⁠of the ECB, said.

Firms planning to invest in AI are also more likely to have positive expectations for future employment growth, the blog argued.

“This is true regardless of the ​level of planned ​AI investment ⁠and suggests that a pause in hiring due to investment in AI technology is ​also unlikely over the next year,” the blog, ​written ⁠by two ECB staff economists, said.

However, the outlook may change on the longer horizon, the authors said. Most of the ⁠gloomier ​surveys cover longer horizons than the ​ECB’s own question, and the outlook could change once AI starts to significantly ​transform production processes.