In recent years, artificial intelligence (AI) has revolutionised sectors like banking and healthcare. While AI offers undeniable benefits, its rapid integration across industries has raised concerns about ethical implications. This urgency for ethical guidelines culminated in the European Union (EU) introducing the landmark Artificial Intelligence Act (AI Act) in March 2024.

The AI Act represents a significant step forward in promoting transparency and fairness in AI development. However, the conversation around AI regulation is far from over. A crucial question remains: can legal frameworks keep pace with AI’s rapid evolution without stifling innovation?

The EU’s new AI law is certainly a ground-breaking attempt to control this powerful technology. One key feature is its explicit framework, which has the potential to establish a global standard for responsible AI development. Furthermore, the risk-based approach imposes stricter regulations on high-risk industries such as healthcare.

However, the statute faces difficulties. Enforcing transparency requirements may be difficult, given that technology for recognising AI-generated content is still developing. Also, the proposed system for submitting complaints assumes a level of AI literacy that many citizens may not have, reducing its effectiveness. Finally, others worry that the laws would stifle innovation, particularly for smaller companies struggling to meet the new audit and compliance requirements for high-risk AI.

While the EU’s AI Act is a commendable effort, legal and ethical norms governing AI require constant adaptation. Technological advancements often outpace our ability to regulate them. Addressing this challenge necessitates ongoing collaboration, agility, and foresight amongst policymakers, industry leaders, and the public. Only through this collective effort can we ensure that AI development aligns with societal values and ethical principles.