According to Margrethe Vestager, the tech regulation chief of the European Union, there is a high likelihood that a political agreement will be reached this year regarding the world’s first major artificial intelligence law.
The draft of the EU’s Artificial Intelligence Act is set to go to a vote by a committee of lawmakers on May 11th, following a preliminary agreement reached by members of the European Parliament on Thursday. The bill’s final details will be discussed by Parliament with EU member states and the European Commission before it is enacted.
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At a press conference following a meeting of digital ministers from the Group of Seven in Takasaki, Japan, Vestager stated that the EU AI Act is “pro-innovation” as it aims to address potential societal harm caused by emerging technologies.
Regulators globally are seeking to strike a balance between government oversight of emerging artificial intelligence technology and promoting innovation, by implementing appropriate “guardrails”.
Vestager explained that guardrails are necessary for high-risk use cases of AI to prevent costly and damaging clean up after misuse.
