The European AI Tango: Balancing Regulation Innovation and Competitiveness

In the past few years, the EU has shown a growing commitment to address the rapid transformations brought about by the latest Artificial Intelligence (AI) developments by increasing efforts in AI regulation. Nevertheless, despite the growing body of technical knowledge and progress, the governance of AI-intensive technologies remains dynamic and challenging. A mounting chorus of experts have been sharing their reservations regarding an overemphasis on regulation in Europe. Among their core arguments is the concern that such an approach might hinder innovation within the AI arena. This concern resonates particularly strongly compared to the United States and Asia, where AI-driven innovation appears to be surging ahead, potentially leaving Europe behind. The current contribution is a position paper emphasising the need for balanced AI governance to foster ethical innovation, reliability, and competitiveness of European technology. This paper only explores recent AI regulations and upcoming European laws relevant to the topic to ensure conciseness while underscoring Europe's role in the global AI landscape. The authors analyse European governance approaches and their impact, especially on SMEs and startups, offering a comparative view of global regulatory efforts. We address the complexities of creating a comprehensive, human-centred AI master's programme for higher education and the importance of ethical AI education. Finally, we discuss how Europe can seize opportunities to promote ethical and reliable AI progress through education, fostering a balanced approach to regulation and enhancing young professionals' understanding of ethical and legal aspects.