AI Omnibus missed opportunity for administrative clean up

Thursday 12 March: Europe must strengthen its digital sovereignty and competitiveness. This will only be possible if unnecessary regulatory burdens are removed from Europe's industrial base and digital companies.

This was the opening of a joint statement from technology and digital bodies from across Europe this week. The signatories emphasised that that the costs of regulatory compliance for industries may have climbed to as much as half a trillion a year. This is at the same time Europe is asking its companies to invest as much as 800 billion annual to remain globally competitive.

Many companies however are already seeing double or even triple levels of regulation evolve as the AI Act overlaps with specific regulation for a number of sectors. This is not theoretical, but rather it is already demonstrable for manuacturers of industrial equipment and medical technology, producers of radio equipment, and many others.

To read the statement in full and understand the potential costs an small or medium enterprise (SME) in Europe could face in compliance costs, follow the link below.