According to the assessment of the Federal Minister of Economics Robert Habeck (Greens), the new EU law on artificial intelligence (AI) offers companies security. The regulation could be an advantage in the market, said Habeck in Hamburg. “Because everyone knows exactly that they have security.” Companies could therefore estimate that a new AI model would not be banned in a few years. However, Habeck also warned that regulations such as the law risk preventing creativity and economic opportunities.
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The reason for the statements was Habeck’s visit to the Otto Group retail group. The minister found out how AI is used in the group. Company boss Alexander Birken said during a round of talks with the minister that there is a lot of talk about regulating AI, but little about opportunities. There needs to be a cultural change. AI usually refers to applications based on machine learning, in which software searches through large amounts of data and draws conclusions from it.
EU AI law has been binding since August
The EU’s AI law came into force at the beginning of the month. The regulation classifies AI applications into risk groups. Particularly high-risk systems, for example for credit assessment, must meet strict requirements. Some applications are banned altogether. Member states have two years to implement the requirements into national law. The European Office for AI monitors implementation.
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Before the law was passed, Habeck had warned against over-regulation. In January, it was announced that the federal government had agreed to approve the plan. “When implementing the rules, we will focus on innovation-friendliness, legal clarity for companies and lean and low-bureaucracy structures – for a strong AI location in Europe,” Habeck said in February.
According to the assessment of the Federal Minister of Economics Robert Habeck (Greens), the new EU law on artificial intelligence (AI) offers companies security. The regulation could be an advantage in the market, said Habeck in Hamburg. “Because everyone knows exactly that they have security.” Companies could therefore estimate that a new AI model would not be banned in a few years. However, Habeck also warned that regulations such as the law risk preventing creativity and economic opportunities.
