Businesses and Tech Firms Urge EU Regulators to Avoid Overregulation of AI Systems
Summary:
Several businesses and tech firms have written a joint letter to EU regulators, cautioning against overly strict regulations on artificial intelligence (AI) systems which could hamper innovation. The letter, backed by 33 companies operating within the EU, suggests that extreme regulation could force necessary AI-related innovation out of the region and argues that Europe needs leading companies in AI to become a global digital powerhouse. Solutions proposed to EU leaders include reducing companies' compliance costs, focusing on high-risk use case regulations rather than specific technologies, and recognising existing legislative overlaps.
Several businesses and technology firms have collaborated on a letter addressed to regulators of the European Union, voicing concerns regarding excessive regulation of influential artificial intelligence (AI) systems, potentially stifering innovation. The letter, transmitted on the 23rd of November and endorsed by 33 companies operating within the EU, highlights the risk that exceedingly tough rules for foundational models such as Chat GPT and general AI (GPAI) might obliterate pivotal innovation within the region. They underscored data revealing only 8% of European companies utilize AI, significantly falling short of the 75% target set by the EU Commission for 2030. Moreover, a mere 3% of worldwide AI unicorns hail from the EU. The letter noted, “Europe's economic stability and competitive edge are heavily reliant on how efficiently European companies and citizens can leverage AI in critical sectors like eco-friendly tech, healthcare, industry, and energy.” The firm's asserted that for Europe to evolve into a "worldwide digital titan," it requires companies to spearhead AI through foundational models and GPAI - two AI technologies facing rigorous inspection under the forthcoming EU laws. "Let's not constrain these before they get an opportunity to expand, or compel them to relocate,” they stressed. Related: Greece inaugurates AI advisory board to design national strategy. The letters, beyond highlighting the fear of over-regulation, also proposed recommendations for EU leaders. These encompassed cutting compliance costs for businesses, centering on regulating high-risk applications rather than distinct technologies, and identifying existing legislative overlaps. This event transpires as the EU is ironing out details of its groundbreaking EU AI Act, preliminarily agreed upon in June and currently subject to review and amendments by member countries. Post passage of the first act, another letter signed by 160 tech industry executives prompted EU officials to mull over the repercussions of unwarranted stringent AI rules. Magazine: 'AI has obliterated the industry': EasyTranslate leader on adapting to alterations.
Published At
11/24/2023 9:34:54 AM
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