A PYMNTS Company

EU’s Vestager Says There Will Be Agreement On AI Law This Year

By  |  May 1, 2023

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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.

    Related: EU’s Vestager Concerned About Dominance In The Metaverse

    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.