Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 04 17T134908Z 3 LYNXMPEJ3G0CE RTROPTP 4 EU BANKS - Business Express
FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium, June 5, 2020. REUTERS/Yves Herman

EU lawmakers call for summit to control ‘very powerful’ AI


By Martin Coulter and Supantha Mukherjee

LONDON/STOCKHOLM (Reuters) -EU lawmakers urged world leaders on Monday to hold a summit to find ways to control the development of advanced artificial intelligence (AI) systems such as ChatGPT, saying they were developing faster than expected.

The 12 MEPs, all working on EU legislation on the technology, called on U.S. President Joe Biden and European Commission President Ursula von der Leyen to convene the meeting, and said AI firms should be more responsible.

The statement came weeks after Twitter owner Elon Musk and more than 1,000 technology figures demanded a six-month pause in the development of systems more powerful than Microsoft-backed OpenAI’s latest iteration of ChatGPT, which can mimic humans and create text and images based on prompts.

That open letter, published in March by the Future of Life Institute (FLI), had warned that AI could spread misinformation at an unprecedented rate, and that machines could “outnumber, outsmart, obsolete and replace” humans, if left unchecked.

The MEPS said they disagreed with some of the FLI message’s “more alarmist statements”.

“We are nevertheless in agreement with the letter’s core message: with the rapid evolution of powerful AI, we see the need for significant political action,” they added.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

The letter urged democratic and “non-democratic” countries to reflect on potential systems of governance, and to exercise restraint in their pursuit of very powerful AI.

A spokesperson for von der Leyen did not immediately respond to a request for comment.

Last week China’s cyberspace regulator unveiled draft measures for managing generative AI services, saying it wants firms to submit security assessments to authorities before they launch their offerings to the public.

The Biden administration has also been seeking public comments on potential accountability measures for AI systems as questions loom about their impact on national security and education.

The European Commission proposed the draft rules for an AI Act nearly two years ago under which AI tools are expected to be classified according to their perceived level of risk, from low to unacceptable.

A parliamentary committee is debating the 108-page bill and hoping to reach a common position by April 26, according to two sources familiar with the matter.

(Reporting by Martin Coulter in London, Supantha Mukherjee in Stockholm and Akanksha Khushi in Bengaluru; Editing by Alex Richardson and Andrew Heavens)

Recent Post: