A Joint Letter Warns Against Over-Policing AI Systems
A group of businesses and tech companies have issued a joint letter to European Union regulators, cautioning them against excessive regulation of powerful artificial intelligence (AI) systems. The letter, signed by 33 companies working in the EU, emphasizes that overly strict regulations for foundation models and general-purpose AI (GPAI) could stifle innovation in the region.
The letter highlights data showing that only 8% of companies in Europe currently use AI, falling far short of the European Commission’s goal of 75% by 2030. Furthermore, only 3% of the world’s AI unicorns originate from the EU.
“Europe’s competitiveness and financial stability highly depend on the ability of European companies and citizens to deploy AI in key areas like green tech, health, manufacturing or energy.”
The companies argue that for Europe to become a “global digital powerhouse,” it needs to foster AI leadership through foundation models and GPAI. They urge regulators not to regulate these technologies out of existence or force them to leave.
Suggestions for EU Leaders
In addition to warning against over-regulation, the joint letter offers suggestions for EU leaders. These include reducing compliance costs for companies, focusing on regulating high-risk use cases rather than specific technologies, and clarifying overlaps in existing legislation.
Finalizing the EU AI Act
This development comes as the EU works on finalizing its landmark EU AI Act. The act was initially passed in June and is currently undergoing review and revision by member states.
Shortly after its passing, another letter signed by 160 tech industry executives warned EU officials about the implications of overly strict AI regulations.
Hot Take: Striking a Balance Between Regulation and Innovation
The joint letter from businesses and tech companies highlights the delicate balance that EU regulators must strike when it comes to AI regulation. While it is crucial to protect against potential risks and misuse of AI, over-policing these technologies could hinder innovation and drive companies away from the region. Europe’s ambition to become a global leader in the digital landscape depends on fostering AI development and deployment in key sectors. As the EU finalizes its AI legislation, it must consider the suggestions put forth by industry leaders to ensure a regulatory framework that encourages innovation while addressing high-risk use cases.
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