The only thing the European AI Law has achieved is leaving us crippled. The question is whether going back will be of any use.
The European Union's AI Act, which came into effect in August 2024, is facing criticism for potentially hindering innovation. Many believe the regulation, approved on December 8th, put Europe at a disadvantage in the rapidly evolving field of artificial intelligence. Critics argue that the AI Act is slowing down progress. The AI Act aims to regulate the development and deployment of AI systems, but some experts say it is stifling innovation. While the US and China are moving forward, Europe is seen as lagging, potentially creating a two-speed AI landscape. The European Commissioner, Thierry Breton, even faced ridicule online for celebrating the act. The primary concern is that the strict regulations will make it more difficult for European companies to compete with their global counterparts. This could lead to a situation where the EU falls behind in the AI race, missing out on economic opportunities and strategic advantages. This regulatory approach is seen as a misstep by many.
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