Artificial Intelligence can increase European productivity by 11 to 37% by 2035

"Parliament’s Report shows that Artificial Intelligence (AI) will boost digitalisation and be a game-changer for global digital competition. The EU will be able to take the lead in AI", said Axel Voss MEP, commenting on the final Report of the European Parliament’s Special Committee on Artificial Intelligence.

Voss spearheaded the Report which is due to be adopted by the committee later today. The Committee on Artificial Intelligence was set up in 2020 to present a roadmap of the steps the EU needs to take in order to respond to the economic and societal challenges of AI. The final Report highlights the need for the EU to act swiftly in order to harness the opportunities that AI technologies have to offer.

Voss sets out solutions that AI can unlock, for instance, in the health sector, which could save and improve millions of lives, like speeding up the development of new drugs, tailored treatments and drug development specific to patients. AI can also play a significant role in the labour market by replacing mundane, labour-intensive or dangerous tasks, and thereby creating new and higher value-added employment. If combined with the necessary support infrastructure and training, AI can substantially increase European productivity by 11 to 37 percent by 2035, says Voss’ Report.

"The EU has the unique opportunity to promote a human-centric and trustworthy approach to AI, based on fundamental rights and minimising risk while taking full advantage of the benefits AI can bring to society as a whole - including in healthcare, sustainability, the labour market, competitiveness and security", stressed Voss.

However, AI also brings challenges that the EU needs to address. The EPP Group wants a legal framework that prevents unlawful surveillance, the spread of disinformation and the use of social scoring - as used in countries such as China.

“There are also significant threats if authoritarian states such as China and Russia beat us to the technological punch. But with enough political will, financial investment and legal certainty I believe we can attract investment and foster world-leading innovation”, said Eva Maydell MEP, the EPP Group’s Spokeswoman in the Special Committee.

In recent years, the EU has fallen behind in the global AI race. However, the EU possesses a key advantage in its experience of standard setting. The EPP Group wants a harmonised, flexible and risk-based regulatory environment, while preventing unnecessary administrative barriers for SMEs and start-ups.

"We need a legal framework that responds to four challenges: we must leave space for innovation, harmonise the digital market with clear standards, maximise investment, and put in place a robust and sustainable digital infrastructure accessible to all citizens”, stressed Voss.

Today’s final Report will be submitted to the Parliament’s plenary in May.