European rules for cutting-edge AI developments

According to a special report conducted on how artificial intelligence (AI) and automation will transform our world of work, a major shift of economies and all related activities is currently taking place according to the European Union. Indeed, we need to review our business models, reorganize tasks, and rethink our education systems.

   The EU authorities mention that we need a major investment effort in research, education, IT infrastructure, and systems to be shared between public budgets and companies; a major rethink of education by creating education aimed at adults, not simply a few retraining sessions. And, we should give young people the capacity to learn rather than feeding them with technical knowledge that can quickly become obsolete.

   Furthermore, on December 3, 2020, at the Web Summit in Lisbon, the European Investment Bank (EIB) together with the European Investment Fund (EIF) launched a new financing instrument to support artificial intelligence companies across Europe. The initiative will mainly target companies in their early or growth-stage, investing in the development of breakthrough AI applications and technologies that directly complement AI, such as blockchain, the Internet of Things, and robotics.

   It is worth remembering that the Commission launched the Communication on Building Trust in Human-Centric Artificial Intelligence on April 8, 2019. The latter ensures that European values are at the heart of creating the right environment of trust for the successful development and use of AI highlighting the following key requirements:

1) Human agency and oversight.

2) Technical robustness and safety.

3) Privacy and Data Governance.

4) Transparency.

5) Diversity, non-discrimination, and fairness.

6) Societal and environmental well-being.

7) Accountability.

   Thierry Breton, EU Commissioner for Internal Market, mentioned that Europe has the talent and a wealth of industrial data, both of which will give us an important comparative advantage in AI if we use them wisely. Thus, these companies can grow in the EU thanks to the design and the deployment of trustworthy AI. So, the key is to ensure an appropriate ethical and legal framework for AI.