Artificial intelligence is rapidly transforming the global economy and society. From accelerating the development of pharmaceuticals to automating factories and farms, many countries are already seeing the benefits of AI.
Unfortunately, it is becoming increasingly clear that the European Union’s data-processing regulations will limit the potential of AI in Europe. Data provides the building blocks for AI, and with serious restrictions on how they use it, European businesses will not be able to use the technology to its full potential.
The EU General Data Protection Regulation, which came into force a year ago, will affect the use of AI in at least three ways: by limiting the collection and use of data, restricting automated decision-making, and increasing compliance costs and risks. Unless the EU reforms the GDPR, Europe will fall behind others, such as the United States and China, in the development and use of AI.