Can the EU AI Act Rein In Uncontrolled AI? Brussels Defends Its Regulatory Framework

European Commission Executive Vice-President Henna Virkkunen stated that the EU’s existing AI regulations are sufficient to address the risks posed by increasingly powerful AI systems. In late August, the European Commission sent information requests to more than 30 AI companies, asking them to explain their safety and security measures. Subsequent inquiries covered transparency and copyright obligations, and companies in breach could face fines of up to 7% of their global annual turnover. Recommendations from a 60-member scientific panel will also be incorporated into the assessment process.