Investigator: Nikolaos I. Theodorakis

Abstract:
Artificial Intelligence (AI) has been the most celebrated technological development of 2023. Although the notion of AI and its applications are not new, the popularity and fast growth of certain AI tools have led the race of innovation. At the same time, another race has started on both sides of the Atlantic – the race of regulation. The EU has been particularly vocal about the need to regulate AI and to prohibit certain processing activities that are considered harmful for the society, such as social scoring and AI used to manipulate or exploit user vulnerabilities. The EU AI Act which was politically agreed on 9 December 2023 creates the first global playbook of regulating AI while maintaining a tiered approach based on the risk an AI system introduces.
The US, on the other hand, has adopted a more high-level approach so far, being mindful that a detailed AI regulation could stifle innovation and be perceived as anti-growth. This is particularly important during times of financial instability, where companies need the right mix of regulation. Of note is the blueprint for an AI Bill of Rights, published by the White House’s Office of Science and Technology Policy earlier this year. The blueprint arguably shows that the US is considering AI regulation, but may adopt a hands-off approach.
The working paper will analyze this new-age version of the rabbit and the turtle race, including (i) different AI regulatory efforts in the EU and the US; (ii) the nexus between the EU AI Act and the US’s blueprint for an AI Bill of Rights; and (iii) what the future holds for AI regulation (or de-regulation).