The European Commission today unveiled a proposal for a regulation on a European approach to artificial intelligence (AI). The proposal is intended to promote public trust in this important technology for the future – especially by setting binding requirements for high-risk AI applications. Applications classified as high-risk include AI systems that evaluate a person’s creditworthiness. The reason is that they can determine access to financial resources and can thus have a significantly adverse impact on livelihoods.
“Artificial intelligence is crucial to Europe’s long-term competitiveness and digital sovereignty. A European legal framework should therefore not only address potential risks but must also set incentives for innovation and create legal certainty for businesses. Binding rules should therefore meet objective and comprehensible criteria. The use of AI systems by banks for creditworthiness assessment is already subject to a strict supervisory regime. The competent authorities monitor these processes. This protects not only consumers and investors but also financial stability. It is therefore neither appropriate nor necessary to use regulation on AI to introduce additional requirements for lending,” said Tobias Tenner, head of Digitalisation.
