European AI Act

Introduction: What is the European AI Act??

AI generates many benefits across many areas, like healthcare, transport, manufacturing and sustainability, but it also comes with a lot of responsibility. Set to become the world’s first comprehensive legal framework for artificial intelligence, the EU AI Act was originally proposed by the European Commission in April 2021. ?

With this digital strategy, the EU wants to regulate Artificial Intelligence (AI) to ensure better conditions for the development and use of this innovative technology. The European AI Act says that AI systems that can be used in different applications are analysed and classified according to the risk they pose to users. According to different risk levels there is more or less regulation. The goal is to regulate, but not restrict the innovative potential of these technologies.

AIming for Trust?

The challenges of regulating artificial intelligence are many. AI Act must ensure a high level of protection of health, safety and fundamental rights. However, we are still at the beginning of the regulation and innovation of AI technology, which makes the subject of regulation a moving target and prone to overregulation. The difficulties and costs of adapting and applying the General Data Protection Regulation are a warning example.?

In an expert article by Dr. Benedikt Fl?ter , Associated Partner at YPOG , we can learn the impact of the European AI Pact on the AI industry. ?

The Commission's goal to turn the EU market into a leading example of AI regulation is already gaining traction, since the AI Act not only covers companies located in the EU, but also those that wish to provide services as cloud or software-as-a-service providers to EU clients. With wise regulation, the EU AI Act could become a selling point for the European AI industry and a seal of approval for foreign companies.?

A European approach to AI?

The European Union’s approach to artificial intelligence focusses on excellence and trust, seeking to boost research and industrial capacity while ensuring safety and fundamental rights. This path has been building for many years, because artificial intelligence requires a lot of discussion and constant updating. Check the important milestones from March 2018 until June 2023:?

Fostering AI growth in Europe safely?

Due to our expert Dr. Benedikt Fl?ter, the declared goal of the AI Act is to build an AI industry in Europe that will become the worldwide beacon for responsible and trustworthy AI. Read his whole article here and don’t miss the chance to also check out our previous newsletter about AI ethics in case that you missed it!?