AI, biotech and affordable clean energy will be the focus of an EU drive to make the bloc globally competitive and ensure it keeps pace with rivals the United States and China, according to a draft European Commission paper seen by Reuters.

One of the main problems of the EU AI Act is its risk-based approach to AI regulation. Under the Act, AI systems are classified by their risk level, and high-risk systems will be subject to the most strict requirements. This classification system is problematic for several reasons:

The European Union will propose establishing an advanced research project agency modeled on US government entities to invest in strategic technologies as part of a broader drive to boost the bloc’s competitiveness.

The first phase of the act becomes law next month. This is Article 5, covering prohibited AI practices and unacceptable uses of AI. The text for Article 5 was finalised on 12 July 2024 and is taking effect six months later,

The UK government recently published its plan for using AI to boost growth and deliver services more efficiently. It also suggests a fundamental shift in how the UK aims to position itself as a global leader in AI innovation. The AI Opportunities Action Plan gives further evidence on how the government intends to regulate cutting-edge AI.

A region once at the forefront of technological innovation now grapples with an innovation gap that could have far-reaching consequences.

Alphabet Inc’s Google, already facing an unprecedented regulatory onslaught, is looking to shape public perception and policies on artificial intelligence (AI) ahead of a global wave of AI regulation. A key priority comes in building out educational programs to train the workforce on AI, an Alphabet executive said.

The EU AI Act not only regulates artificial intelligence but also triggers the application of the EU Charter of Fundamental Rights, embedding EU principles of procedural justice into national administrative law.

Working cooperatively with the European Union, California must set a model that will guide international tech conglomerates and protect consumers.”

As the European Union AI Act takes effect in Feb. 2025, our Office of Responsible AI is ensuring compliance with these new standards while helping customers innovate with AI.

Despite being celebrated as the world’s first comprehensive AI legislation in the world, the European Union’s AI Act has left some questions open.

Artificial intelligence (AI) and other emerging technologies have the potential to revolutionize the financial industry. At the same time, its