"The assumption embedded in the Omnibus is that regulation is what holds Europe back. Remove the friction, the thinking goes, and European AI companies will flourish. The trouble is that the evidence points in a different direction entirely."
"Weakening the AI Act does not create a European capital markets union. Narrowing the definition of personal data does not give a startup in Tallinn frictionless access to customers in Lisbon."
"Delaying compliance deadlines does not persuade a pension fund in Amsterdam to put 2% of its assets into venture capital instead of 0.01%. The Omnibus is treating a symptom, and not even the right symptom, while leaving the disease untouched."
The Omnibus assumes that reducing regulatory burdens will enhance Europe's AI competitiveness. However, the real issues lie in the lack of a digital single market, fragmented capital markets, and restrictive immigration laws. Historical evidence shows that Europe did not produce tech giants even with minimal regulation before 2010. The Omnibus addresses symptoms rather than the underlying problems, risking the dismantling of existing regulatory frameworks that have been developed over the past decade.
Read at TNW | Opinion
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