This article argues that reducing regulation for large AI providers is not a solution for Europe to catch up with the US and China, as it may only deepen dependencies on US technology. Instead, the EU should leverage its regulatory framework and investment strategy to set global standards for trustworthy AI and achieve tech sovereignty.
The EU’s newly unveiled AI Continent Action Plan aims to enhance AI leadership and deployment while addressing key enablers like access to computing resources and high-quality data. However, experts warn that without regulatory reforms to remove existing hurdles, the plan may not achieve its full potential.
The European Commission is set to launch an AI action plan on April 9, aimed at enhancing the deployment of artificial intelligence tools by businesses. This plan will focus on five key areas, including infrastructure and data access, while also addressing the need to streamline existing regulations.
The European Commission announced a €200 billion investment in artificial intelligence at the AI Action Summit in Paris, with €20 billion specifically allocated for AI gigafactories. This initiative aims to enhance collaborative development of complex AI models across Europe.
The European Union AI Act, which came into force on August 1, 2024, establishes a comprehensive legal framework for AI, categorizing systems into four risk levels and mandating transparency and safety measures. As AI technologies become integral to industries like insurance, compliance with these regulations is crucial for fostering trust and innovation.
The European AI Act is a regulatory framework proposed by the European Commission to ensure that AI is developed and used ethically, transparently, and accountably. It categorizes AI applications based on their risk levels, from minimal to high, and mandates different levels of scrutiny and oversight accordingly.