BusinessEurope reacts to the European Parliament Plenary vote on the AI Act

13 March 2024 - Commenting on today’s European Parliament Plenary vote on the AI Act, BusinessEurope Director General Markus J. Beyrer said: "This is a pivotal moment for AI development in Europe, but successful implementation will be key to reassure investors, AI developers and citizens that trustworthy AI is here to stay."

"The AI Act rightly maintains a risk-based framework and prevents the emergence of divergent national laws. However, the need for extensive secondary legislation and guidelines raises significant questions about legal certainty and law’s interpretation in practice, which are crucial for investment decisions.

To truly excel in AI, Europe must support companies that innovate and not just navigate bureaucracy because they can afford it. Europe must not only lead in rulemaking but also facilitate easier access to capital and financing for AI development.

It is also still to be seen how the Commission’s initial assumptions, such as AI Investment in the EU being between €30 and 65 billion by 2025, will compare to economic reality.

The AI Act may be ‘adopted’, but much of the real work to ensure the success of AI development in Europe is only beginning."