In an open letter, top figures in European business are raising concerns about the current draft regulation on artificial intelligence (AI) in the EU. They argue that the draft regulation will reduce competitiveness and endanger Europe’s technological sovereignty. The criticism mainly revolves around the regulation’s impact on generative AI systems, which can create new content based on existing works. The letter warns that if European AI base models are heavily regulated, companies developing and implementing such systems will face compliance costs and liability risks, potentially leading to the loss of innovative companies and investment in European AI. Over 150 signatories from companies and associations like Airbus, Deutsche Post, and Siemens have endorsed the letter.
The letter emphasizes the importance of generative AI in shaping the performance and importance of different regions. It predicts that large language models powered by generative AI will have a competitive advantage and play a significant role in various aspects of life. The managers argue that Europe cannot afford to stand aside and must properly train and ensure the safe use of these models. However, they believe that self-regulation by the industry is sufficient, rather than stringent legislation. They propose limited laws to establish general principles, with the implementation delegated to a regulatory authority composed of experts at the EU level.
The appeal also calls for the development of a transatlantic legal framework to create fair and equal competitive conditions. The co-signatory KI-Bundesverband disapproves of the parliament’s course, viewing it as reflecting an unfounded fear of AI and endangering its long-term development. The parliament, on the other hand, argues that the draft regulation includes an industry-led process for defining standards and a light regulatory regime. OpenAI has successfully advocated for changes in the planned regulation, resulting in generative AI not being classified as a high-risk technology from the outset.
In summary, the open letter highlights the concerns of European business leaders regarding the current draft regulation on AI in the EU. They argue that the proposed regulation will undermine competitiveness and technological sovereignty. The letter advocates for self-regulation by the industry and suggests limited laws to establish general principles with the implementation delegated to a regulatory authority.
