Europe is at risk of over-restricting AI and falling behind U.S. and China, Dutch prince says
Summary
AMSTERDAM — Europe is at risk of falling behind the U.S. and China on artificial intelligence as it focuses on regulating the technology, according to Prince Constantijn of the Netherlands. "Our ambition seems to be limited to being good regulators," Constantijn told CNBC in an interview on the sidelines of the Money 20/20 fintech conference in Amsterdam earlier this month. Officials are concerned by how quickly the technology is advancing and risks it poses around jobs displacement, privacy, and algorithmic bias. Prince Constantijn said hes "really concerned" that the Europes focus has been more on regulating AI than trying to become a leader innovating in the space. Between 1994 and 2004, the EU had imposed an effective moratorium on new approvals of genetically modified crops over perceived health risks associated with them.