European Commission Unveils AI, Data Strategy Fintech Schweiz Digital Finance News - FintechNewsCH

In a whitepaper released last month, the European Commission (EC) unveiled its strategy to promote the development of artificial intelligence (AI) in Europe whilst ensuring the respect of fundamental rights. The whitepaper outlines the institution's plan to develop what it calls an "ecosystem of excellence" and an "ecosystem of trust." The idea here is to create a legal framework that would address the risks for fundamental rights and safety related to AI, all the while introducing initiatives to support and facilitate the adoption of the technology. "AI offers important efficiency and productivity gains that can strengthen the competitiveness of European industry and improve the wellbeing of citizens," the paper says, adding that AI can also contribute to finding solutions to urging societal challenges related to sustainability, demographic changes, democracy and crime. At the same time, AI entails a number of potential risks such as opaque decision-making, discrimination, intrusion in citizens' private lives or can be being used for criminal purposes.