Regulating AI will benefit everyone, MEP tells Phileleftheros
The European Parliament passed the EU Artificial Intelligence Act in April, setting a global precedent for regulating AI. The legislation aims to protect fundamental rights, democracy, and environmental sustainability from high-risk AI systems while fostering innovation. The regulation will become EU law once ratified by the European Council, with full implementation expected within 24 months. It does not regulate the technology itself but focuses on the risks posed by AI systems. The regulation categorizes AI systems based on risk levels, with strict rules for high-risk systems. Other countries are expected to follow the EU’s lead in regulating AI. The regulation is designed to adapt continuously to keep pace with technology advancements. Technology companies may raise objections, but the legislation sets strict penalties to ensure compliance. The regulation is not expected to hold back the EU from technological development or innovation.