EC Outlines Approach to Set Guidelines for Artificial Intelligence
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
Related Links
- Press Release
- Communication on AI
- Working Paper Accompanying Communication
- EU Digital Single Market Policies
Keywords: Europe, EU, Banking, Insurance, Securities, Artificial Intelligence, Fintech, Regtech, EC
Related Articles
EC Adopts Financial Reporting Changes Arising from Benchmark Reforms
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HMT Updates List of Post-Brexit Equivalence Decisions in UK
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA Issues Erratum for Technical Package on Reporting Framework 3.0
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
EBA Publishes Risk Dashboard for Third Quarter of 2020
EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.
ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro
ECB concluded the public consultation on the introduction of a digital euro in EU.
ECB Finalizes Guide on Supervisory Approach to Bank Consolidation
ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.
SRB Chair Outlines Work Priorities for 2021
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC Selects Companies to Compete in Final Phase of Tech Sprint
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.