AI and Regulations – What the EU Has Come Up So Far?
3 min read
3 min read
by Milica Stankić
In forging ahead with pioneering AI regulation, the EU sets a precedent for international governance in this rapidly evolving domain. With its balanced approach aimed at fostering innovation while safeguarding fundamental rights and interests, the EU AI Act serves as a beacon for other jurisdictions grappling with similar challenges. As the world closely monitors the implementation of these regulations, the stage is set for a new era of responsible AI governance.
Europe’s policymakers have been swift in their response to the rise of technologies like ChatGPT. In mid-March, the European Parliament gave the green light to the Artificial Intelligence Act, embracing a risk-based strategy aimed at ensuring companies comply with regulations before releasing products to the public. Almost immediately after, the European Commission turned its attention to major tech players, calling on them to provide insights into their efforts to mitigate risks associated with generative AI.
But the regulatory momentum didn’t stop there. Almost immediately after the passage of the AI Act, the European Commission turned its attention to major tech players, urging them to provide detailed insights into their efforts to mitigate risks associated with generative AI. This move underscores the EU’s commitment to staying ahead of the curve in addressing the multifaceted challenges posed by evolving AI technologies.
While the EU’s pioneering efforts in AI regulation have garnered widespread recognition, they haven’t been without their fair share of critiques. Max von Thun from the Open Markets Institute has voiced concerns about significant loopholes and perceived weaknesses in certain regulatory aspects. Of particular concern is the unchecked power wielded by tech monopolies, a sentiment echoed by stakeholders across the industry. Addressing these concerns will be crucial in ensuring the efficacy and fairness of the regulatory framework.
Looking ahead, the road to effective implementation and enforcement of the EU AI Act presents a formidable challenge. Businesses must brace themselves for the task of navigating compliance requirements while grappling with potential regulatory barriers. Julie Linn Teigland from EY emphasizes the pivotal role of the private sector in driving AI innovation while also stressing the importance of upholding the public good and maintaining competitiveness.
As the EU AI Act transitions from legislation to reality, the focus now shifts to ensuring its effective enforcement. Risto Uuk from the Future of Life Institute underscores the significance of complementary legislation, such as the AI Liability Directive and the EU AI Office, in bolstering the law’s efficacy. However, concerns persist about the potential obstacles that could impede the rise of European AI champions, signaling the need for vigilant oversight and proactive measures.
