Draft EU AI rules could harm Europe’s competitiveness, say industry executives

In an open letter, executives from Renault, Meta, and other companies express concerns over proposed EU AI Legislation, citing potential harm to competitiveness and technological sovereignty.

 Pattern, Accessories, Ornament

Over 160 executives from companies including Renault, Meta, Cellnex, Mirakl, and Berenberg have signed an open letter expressing concerns that the proposed EU AI legislation could harm Europe’s competitiveness and technological independence. The draft rules, recently agreed upon by EU lawmakers, require disclosure of AI-generated content, identification of deepfake images, and safeguards against illegal content. The letter argues that these regulations would heavily regulate technologies like generative AI, impose high compliance costs, and increase liability risks for companies, potentially leading to innovative companies relocating their operations abroad and investors withdrawing their support for European AI development. Yann LeCun from Meta was among the signatories challenging the EU regulations.