In an open letter to the European Commission, Council and Parliament, entitled Artificial Intelligence: Europe’s opportunity to return to the technological forefront, some 150 CEOs and presidents of large companies on the continent point out that the AI ??bill , approved last week by the European Parliament and now being negotiated by the three institutions, “would endanger Europe’s competitiveness and technological sovereignty without effectively addressing the challenges we face and will face.” Among the signatories there are companies such as Airbus, Siemens, Renault or Heineken,
Large businessmen, who declare themselves “committed players in the European economic sector” use the letter to express their “serious concerns” about the regulations, which could enter into force, once definitively approved, at the beginning of 2025. From their point of view , generative AI models will become “heavily regulated”, so they consider that companies that develop them “would face disproportionate compliance costs and liability risks.”
The letter from the big companies indicates that the regulation of AI that the European Parliament has approved “could lead very innovative companies to transfer their activities abroad, investors withdraw their capital from the development of European foundational models and the European AI in general”. “The result -they conclude- would be a critical productivity gap between both sides of the Atlantic.”
“We must be clear about the consequences,” they warn. “Like the invention of the internet or the advancement of silicon chips, generative AI is the type of technology that will be decisive for performance capability and therefore the importance of different regions: States with the models more powerful will have a decisive competitive advantage”. The signatories believe that AI will replace search engines and will be our personal and professional assistant. “They will be powerful tools that will shape not only our economy, but also our culture. Europe cannot be left behind.”
The letter admits that there is an “undeniable need for adequate regulation”, but objects that “wanting to anchor the regulation of generative AI in the law and proceeding with a rigid logic of compliance is an approach that is both bureaucratic and ineffective in fulfilling its purpose”. . The signatories say that “we know very little about the real risks, the business model or the applications of generative AI”, so they believe that “European legislation should limit itself to enunciating general principles in a risk-based approach”. In his opinion, the application of these principles should be entrusted to a “specific regulatory body made up of experts” that could adapt the processes continuously “to the rapid pace of technological development and to the specific risks that arise”.
For all these reasons, the businessmen make “a call to European officials to review the latest version of the law on AI and agree on a proportionate and forward-looking legislation that contributes to European competitiveness and protects our society.” “It is our joint responsibility to lay the foundations for a European AI development that is in line with our values ??and forms the foundation for a strong, innovative and prosperous Europe,” they conclude.
