Good news! The EU has been infamous for overregulation of businesses for the last several decades!
"More than 100 European companies including ASML, Airbus, and Mistral AI have asked the European Union to hold off on implementing its landmark AI regulation for two years, claiming it puts the bloc’s AI ambitions at risk ..."
From the open letter:
"Europe has long distinguished itself by its ability to strike a careful balance between regulation and innovation. This approach is widely recognised around the world as a cornerstone of the "European model."
It is particularly important in the context of artificial intelligence (AI), whose impact, as a transformative technology, reaches far beyond the tech sector. Like the industrial revolutions brought about by steam power or the Internet, AI will redefine entire economic domains – from energy and manufacturing to life sciences and defense.
At a time of unprecedented technological, economic, and geopolitical change, Europe’s ability to lead in AI innovation and adoption will be critical to meet the competitiveness and sovereignty challenges so clearly identified by Mario Draghi – especially in our most established and strategic industries.
Unfortunately, this balance is currently being disrupted by unclear, overlapping and increasingly complex EU regulations. This puts Europe’s AI ambitions at risk, as it jeopardises not only the development of European champions, but also the ability of all industries to deploy AI at the scale required by global competition. ...
The upcoming digital omnibus package and the digital fitness check must reflect a decisive pivot toward a more proportionate, innovation-friendly regulatory approach. These simplification efforts should benefit SMEs, start-ups, scale-ups and large established companies alike, who will all contribute to driving innovation if they can take advantage of clear and predictable rules. ...
In this context, we welcome recent discussions considering the need to postpone the enforcement of the AI Act as relevant guidelines and standards continue to be developed, and as various industries work together to find solutions that work for everyone. To address the uncertainty this situation is creating, we urge the Commission to propose a two-year “clock-stop” on the AI Act before key obligations enter into force, in order to allow both for reasonable implementation by companies, and for further simplification of the new rules. ..."
Airbus, ASML, Mistral Bosses Ask EU to Pause AI Rules (WSJ) "Pressure is mounting to streamline and water down EU laws governing everything from carbon emissions reporting to data protection"
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