Will the EU's AI Act Stifle the Competitiveness of Europe in the AI Race?
Will the AI Act stifle the competitiveness of the EU in the race for AI Supremacy?
The EU is set to come up with the world's first comprehensive AI regulation, termed the ‘AI Act’. The problem, however, is that corporate players say that the ‘overregulation’ of AI could stifle the continent's competitiveness in the AI race. In this article, we’ll delve into what the AI Act will mean for Europe, the U.S., and other key industry players, and whether Europe’s competitiveness in the AI Race will be made weaker by the new regulation.
The AI Act
The European Union has been a global leader when it comes to digital regulation, especially when it comes to regulating digital innovations and the internet space as a whole. The EU’s General Data Protection Regulation, GDPR, for instance, has been a benchmark for online privacy, pushing all websites to include cookie consent warnings, allowing users to choose what the website can track.
In the same breath, the EU has had its eyes on Artificial Intelligence and since 2021, has been coming up with the world’s first comprehensive AI regulation, which they termed the ‘AI Act’. The AI Act, which is still in development, but nearing completion, is set to be the benchmark for AI regulation at a time when AI is becoming increasingly proliferated in our daily lives.
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