The Artificial Intelligence industry is currently booming. The major competitors are the United States, China and the European Union, each of which is attempting to attain a large share of the international market for AI technology. The EU wants to distinguish itself by investing in AI that it trustworthy and ethical: AI that meets societal needs and expectations, obeys legal requirements, and supports human values. In this presentation, we will discuss and critique the European approach. In doing so, we will present results of the SIENNA project, an EU-funded project that studies ethical and human rights aspects of AI.