Europe's Business Leaders Voice Concerns Over Proposed EU AI Legislation

Dozens of Europe's business leaders are raising concerns about the proposed EU legislation on artificial intelligence. They warn that it could harm competitiveness and drive away investment. C-suite executives from companies like Siemens, Carrefour, Renault, and Airbus signed an open letter expressing serious concerns. 

The executives argue that the draft legislation goes too far in regulating generative AI and foundation models, potentially pushing innovative companies and investors out of Europe due to high compliance costs and liability risks. They call for revisions to the bill to ensure a more balanced approach. 

The emergence of AI has brought complex discussions around copyright and liability. While regulation is necessary, finding the right balance is crucial. The executives propose a risk-based approach and the establishment of a regulatory board of experts to adapt to the fast-paced technology landscape. 

The business leaders emphasize the importance of international cooperation, urging EU lawmakers to work with their US counterparts to create a level playing field. They highlight that generative AI is a technology that will significantly impact regions' performance capacity and international significance. 

The race to regulate AI continues globally, with the EU aiming to be at the forefront. The AI Act, the world's first comprehensive AI rules, is currently being negotiated. As stakeholders provide feedback, striking a balance between innovation, regulation, and fundamental rights remains a key challenge.