This share prices have a 15 minute delay and are shown in the local time of the market in which the quote is displayed.
European regulatory proposal on the usage of artificial intelligence
In this article McKinsey provides an overview of the proposed European Union (EU) draft regulations aimed specifically at the development and use of Artificial Intelligence (AI). This future regulation would apply to any AI system used within the European Union and not just to European companies, and according to McKinsey provides insight into the future development of AI regulation around the world and into potential implications for companies.
According to McKinsey, many organizations still have a lot of work to comply with this regulation and address the risks associated with AI (regulatory-compliance risks and others around reputation, privacy, fairness in the commercial activity…). In its view, this regulatory proposal provides insight into the future development of AI regulation around the world and into potential implications for companies.
The article provides an overview of the main aspects included in the draft European AI regulations, such as the following:
- Based on the risks AI poses for individuals, AI systems will be classified into three categories:
- Unacceptable-risk AI systems: include (1) subliminal, manipulative, or exploitative systems that cause harm, (2) real-time, remote biometric identification systems used in public spaces for law enforcement, and (3) all forms of social scoring, such as AI or technology that evaluates an individual’s trustworthiness based on social behavior or predicted personality traits.
- High-risk AI systems: include those that evaluate consumer creditworthiness, assist with recruiting or managing employees, or use biometric identification… Under the proposed regulation, the EU would update the list of systems included in this category on an annual basis.
- Limited- and minimal-risk AI systems: include many of the AI applications currently used throughout the business world, such as AI chatbots and AI-powered inventory management.
- AI systems will have different requirements depending on their level of risk. Therefore “High-risk AI systems” would be subject to the largest set of requirements (transparency and provision of information to users, implementation of risk management systems, data quality governance, monitoring, and reporting obligations…) while “Limited- and minimal-risk AI systems” would have significantly fewer requirements, primarily in the form of specific transparency obligations, such as making users aware that they are interacting with a machine. “Unacceptable-risk category” would no longer be permitted in the EU.
Filter results
According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.
According to @iee_org, Spain has one of the most demanding tax environments for businesses within the European and international context, which may have significant implications for competitiveness, foreign investment attraction, and business expansion.
According to Christine Lagarde for the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens and building a robust capital markets union.
According to the Bank of Spain, in a context of strong growth in transactions and prices, the conditions under which new mortgage loans are granted currently show no signs of easing in lending standards.
McKinsey notes that European private capital is half the size of the U.S. and must play a key role in boosting competitiveness, by driving innovation, scaling firms, and mobilizing the investment needed to close the gap with other regions.
IMF states that global financial stability risks have grown significantly, driven by tighter financial conditions and heightened trade and geopolitical uncertainty.