According to a report issued on Sunday by the Center for Data Innovation, a Washington-based think tank, a new law meant to govern AI technology in Europe may damage the EU economy by 31 billion € ($36 billion) over the next five years. According to the institute, the Artificial Intelligence Act, invention of the European Commission, the EU’s executive arm, will be the “globe’s most restricted regulatory oversight of AI.” Artificial intelligence has proved effective in electronics like Google, Apple, and Facebook, but legislators in Europe are worried about the regulatory damage.
Source: https://www.cnbc.com/2021/07/26/aia-europes-proposed-ai-law-could-cost-its-economy-36-billion.html
