Article in The Economist & Jurist: "Mario Draghi's theses open the door to regulatory simplification in the EU on AI, more innovation and less regulation"

The European Union is at a time of strategic redefinition in artificial intelligence (AI). The recent Paris Summit and Mario Draghi's report "The Future of European Competitiveness" have opened an intense debate on the need to simplify European regulations to foster innovation and avoid technological stagnation vis-à-vis powers such as the United States and China.

In recent years, the European Union has been a pioneer in regulating the digital sphere, with regulations such as the General Data Protection Regulation (GDPR) or the proposed AI Regulation. However, the international context and increasing global competition have brought to the table the need to rethink the balance between regulation and innovation.

Draghi's report, presented at the Paris Summit, highlights three key areas to boost European competitiveness: reducing the technological gap with the US and China, strengthening investment in R&D and modernizing Europe's industrial fabric. This document has been key in the European Commission's recent decision to halt the approval of the ePrivacy Regulation and the AI Directive, two regulations that, according to some experts, could have slowed down the development of artificial intelligence in Europe.

In this context, Pablo García Mexía, head of digital at Herbert Smith Freehills in Spain, underlined the relevance of this new strategy. In his words, "the AI Action Summit in Paris has confirmed a paradigm shift in the European approach to artificial intelligence. The EU, after years of prioritizing regulation, is assuming the need to encourage investment and technological development in order not to be left behind".

He also pointed out the importance of initiatives such as EU AI Champions, which will allocate an additional €150 billion in public-private partnerships, and President Ursula von der Leyen's announcement to invest €200 billion in AI. "These moves reinforce the idea that Europe has understood that leadership in artificial intelligence will not be achieved with strict rules, but with a determined commitment to technological development," said García Mexía.

The debate on the future regulation of artificial intelligence in the EU is still open. However, what seems clear is that the model of strict regulation is giving way to a more balanced approach, allowing both the protection of citizens' rights and the consolidation of Europe as a global technological power.

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