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Europe
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European Parliament votes on curbs for ChatGPT and other AI
EU lawmakers are set to vote on Thursday on restrictions for the use of artificial intelligence (AI) in the European Union. The vote follows efforts to create a law that regulates AI usage while promoting innovation and preventing abuses.
The EU aims to become a global leader in AI regulation and has been spurred to action by the emergence of AI applications like ChatGPT and Midjourney. The legislation would define “high-risk” AI activities, ensure human control, and establish supervising authorities in each member state.
Prohibitions on certain AI applications, such as emotion recognition and mass surveillance, are also being considered.
European Central Bank expected to slow pace of rate hikes
The European Central Bank is expected to increase interest rates for the seventh-straight time to tackle high inflation but may opt for a smaller hike at its six-weekly meeting.
Analysts predict further rate hikes are “likely to remain in the pipeline.”
European banks ‘extremely solid’: French central bank chief
European banks are in “extremely solid” shape, unlike some US lenders, due to the effectiveness of the Basel III rules, said Francois Villeroy de Galhau, France’s central bank chief and a member of the European Central Bank’s governing council.
Troubled European banking giant Credit Suisse was a “special case” due to business model difficulties and internal control system failures, he said.
The ECB is ready to provide liquidity to ensure financial system stability, but the priority remains the fight against inflation, Villeroy de Galhau added.
