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EU published an AI regulation proposal. Should we worry?

In late April, the European Commission laid out its vision of how AI technologies should be governed. The proposal meshes AI regulation with product safety rules, controls how AI systems should be developed and technically composed, introduces market supervision arrangements and gives the authorities wide-ranging powers to impose potentially crippling sanctions.

At first glance, the proposal seems quite a mouthful. It is complex, appears relatively heavy-handed and imposes a host of stringent requirements on developers. But is there really a reason to be worried?