Why the EU is Contemplating to Regulate High-Risk AI Technology?

The European Commission today unveiled its plan to strictly regulate artificial intelligence (AI) that it terms as high risk. The consortium of countries recently issued its long-anticipated white paper on AI. This document is a prequel to the new legislation and lists down the regulations that would govern technologies leading to global consequences. The paper lists 27 nation blocs which should have strict legal requirements for "high-risk" uses of AI. The consortium defines high risk as "a risk of injury, death or significant material or immaterial damage; that produce effects that cannot reasonably be avoided by individuals or legal entities", that span across healthcare, transportation, energy and government domains.