As the European Union prepares to pass its landmark law governing artificial intelligence (AI) systems, a group of 33 EU-based technology companies warns of excessive regulation that could hamper innovation .
Too strict regulation could hamper European innovation in AI
A coalition of 33 technology companies based in the European Union has sent a letter to European regulators, warning them against overly strict regulation of artificial intelligence (AI) systems even before the AI law is passed. is finalized.
There letter, sent on November 23, highlights that overly strict regulations targeting core models like OpenAI’s ChatGPT and General Purpose AI (GPAI) could stifle much-needed innovation in Europe. Indeed, only 8% of European companies currently use AI, far from the 75% objective set by the European Commission for 2030. In addition, only 3% of the world’s AI unicorns are European.
However, Europe’s competitiveness and economic prosperity strongly depend on its ability to deploy AI in key sectors such as green energy, health, industry or energy.
The signatories emphasize that to become a “ global digital power“Europe needs European leaders in AI, building on basic models and the GPAI. Too strict regulation will nip these technologies in the bud before they have a chance to grow and benefit the European economy.
Recommendations to encourage responsible innovation
While recognizing the need for a regulatory framework, technology companies recommend to European decision-makers several avenues to encourage responsible innovation:
- Reduce excessive compliance costs for businesses
- Focus on regulating high-risk use cases rather than technologies per se
- Clarify overlaps with existing legislation
Finally, as these companies point out, “ let’s not remove them before they have a chance to grow, nor force them to leave“.
The warning comes at a critical time as the EU finalizes its landmark AI law, first proposed in June. A first letter co-signed by 160 technology executives in June already highlighted the dangers of overly ambitious regulation. Let us hope that European regulators will be able to find the right balance between protecting citizens and supporting innovation.
The ball is now in the court of European decision-makers. Will they be able to be sufficiently cautious in the face of these emerging technologies so as not to nip in the bud innovations that could make Europe a world leader in AI? The next few weeks will be decisive.
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