20 Feb, 2024

Favour competition in race for AI development

On 19 January, Renew Europe members and leading experts gathered to discuss the challenges and opportunities posed by artificial intelligence (AI) to European businesses.

The Renew Europe-led event, entitled “How to avoid Big Tech’s monopoly on AI? Making artificial intelligence available to all”, was held in the European Parliament buildings in Brussels.

The event was moderated by Stéphanie Yon-Courtin MEP and featured participation from Executive Vice-President Margrethe Vestager and Karen Melchior MEP.

Members concluded that the European Union should make sure that companies of all sizes have the right tools to build AI if it is to be truly competitive within the field.

They also underlined the need to expand the scope of Digital Markets Act to generative AI, and the importance of reinforcing the international cooperation between competition authorities to promote competition in digital markets.

“The European Union is first to have a regulation on Artificial Intelligence. We also move to make sure competition can thrive in AI-driven markets,” said Executive Vice-President Vestager.

“Great discussion with Stéphanie Yon-Courtin and Renew Europe on how to shape open and competitive emerging markets enabled by Large Language Models & other AI applications.”

Yon-Courtin added: "AI is already a disruptive reality in countless sectors. However, its true potential as a vector of economic development lies in making it accessible to all types and sizes of companies. We have all the existing tools with the Digital Markets Act and EU competition policy to make sure it happens while boosting EU competitiveness.”

Photo: Margrethe Vestager / X

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