EU’s AI Act has a global reach, but leaves European innovation behind
The bloc leads in artificial intelligence regulation rather than breakthroughs
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THE EU’s status as a laggard on artificial intelligence, compared to powers such as the US and China, has led to much soul-searching within the bloc. However, Europe remains a global force in one area: the regulation of this new technology.
Aug 2, the date when the EU’s AI Act came into full effect, may be the most important moment yet in the legislation of the technology. To be sure, the European Act is by no means the first to cover AI.
But it is the most comprehensive and strictest set of measures in the world. Companies failing to comply with its rules face fines of potentially as much as 35 million euros (US$40.4 million), or 7 per cent of their global revenue.
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