Europe must avoid ‘over-hasty’ regulation on AI or risk missing out on economic benefits

Europe must avoid “over-hasty” regulation on AI or risk missing out on the economic boost that artificial intelligence has to offer, a new report has urged.

The report by UK Conservative MEP Ashley Fox, approved by the European Parliament on Tuesday, said AI laws must be carefully thought out.

It also urged European countries to prepare for the impact of AI on employment by adapting their education and welfare systems.

Mr Fox said: “We have arrived at a pivotal point. AI has the same potential to transform society that the steam engine had three centuries ago. It can make us more prosperous, healthier and will create jobs we currently don’t even know exist.

“But just as with steam power, it will…