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April 25, 2018

EC outlined an approach to artificial intelligence (AI) and robotics. It presented a series of measures to put AI at the service of Europeans and boost Europe's competitiveness in this field. EC proposed a three-pronged approach to increase public and private investment in AI, prepare for socio-economic changes, and ensure an appropriate ethical and legal framework. Along with its communication on AI, EC also published a working paper on liability for emerging technologies.

This approach to AI shows the way forward and highlights the need to join forces at the European level, to ensure that all Europeans are part of the digital transformation, that adequate resources are devoted to AI, and that the EU’s values and fundamental rights are at the forefront of the AI landscape. Following the Declaration of cooperation signed by 24 member states and Norway on April 10, 2018, EC will start work with member states to have a coordinated plan on AI by the end of the year. EC will present ethical guidelines on AI development by the end of 2018, based on the EU's Charter of Fundamental Rights, taking into account principles such as data protection and transparency. By mid-2019, EC will also issue guidance on the interpretation of the Product Liability Directive in the light of technological developments, to ensure legal clarity for consumers and producers in case of defective products. To help develop these guidelines, EC will bring together all relevant stakeholders in a European AI Alliance.

EC is increasing its annual investments in AI by 70% under the research and innovation program Horizon 2020. The EC communication also highlights that EC proposals under the next EU multi-annual financial framework (2021-2027) will open the door to investments. These investments include upgrading the pan-European network of AI excellence centers; additional Digital Innovation Hubs, supported by regulatory sandboxes; supporting the adoption of AI by organizations across all sectors; and a support center for data sharing, which will be closely linked with the AI-on-demand platform to facilitate development of business and public sector applications

 

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Keywords: Europe, EU, Banking, Insurance, Securities, Artificial Intelligence, Fintech, Regtech, EC

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