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The European Union finds itself at a crossroads when it comes to regulating artificial intelligence. On the one hand, there is a push for swift and comprehensive regulation to address the rapid advancements in AI technology. 

On the other hand, some argue the EU should proceed with caution over fears that overly hasty regulation could become outdated before it even takes effect.

Simon Coveney, Ireland’s Minister for Business,Trade, and Employment, expressed his concerns about the EU’s approach to AI regulation during Euronews’ international AI summit.

“We need to be careful here. This isn’t just about getting this done in time. It’s also more important that it’s done well,” he said. “And I think the danger here is that we try to do too much perhaps, and we find that the definitions and the guardrails that we’re putting in place are perhaps out of date within months, never mind years. I think it would be a mistake to try to do too much too quickly in the context of a technology that’s evolving at such a pace.”

A final position on the EU’s AI Act, as it’s known, is currently being negotiated between the bloc’s institutions with an agreement expected before the end of the year.

But not everyone agrees with the contents.

Fears of over-regulating of AI

Some industry representatives frequently say the EU could be over-regulating artificial intelligence.

European Commission Vice-President, Věra Jourová, who gave a keynote speech at the event in Brussels, says this is simply not the case. 

“I would not assist with something that would be over-regulation because I believe that we need regulation of AI.” she explains. “But I think that now we know quite a lot about the potential possible risks stemming from some of the AI parts or technologies and that’s why we are coming with a piece of legislation, the AI Act, which in my view is proportionate and necessary.”

The summit also raised some of the most contentious issues within the EU’s AI Act, including the use of facial recognition technology. The European Parliament wants strict rules on its use, whereas EU governments want exemptions for law enforcement.