The European Union has approved the world's first comprehensive law regulating artificial intelligence (AI). This landmark legislation, known as the Artificial Intelligence Act, aims to ensure the safe and human-centric development of AI technology, while also fostering innovation and protecting citizens from potential risks associated with AI.

The AI Act was approved by the European Council on May 22, 2024, following a unanimous vote. This marks the final step in the legislative process, which began with an initial agreement between the European Council and the European Parliament in December 2023. The law will come into effect 20 days after its publication in the EU's Official Journal, with general-use AI models being regulated within 12 months and AI systems integrated into products within 36 months.

The AI Act takes a risk-based approach to regulation, categorizing different AI systems and applications based on their potential risks to society. This includes stricter regulations for high-risk AI systems, such as autonomous vehicles and medical devices, which are evaluated on the risks they pose to health, safety, and fundamental rights. The law also prohibits certain AI applications deemed unacceptable due to their risk levels, including social scoring systems, predictive policing, and emotional recognition technology in workplaces and schools.

To enforce the law, the European Council has established governing bodies, including an AI Office, a panel of independent experts, an AI Board, and an advisory forum for stakeholders. These bodies will work together to ensure compliance with the AI Act and address any issues that may arise.

The approval of the AI Act is seen as a significant milestone for the European Union, emphasizing the importance of trust, transparency, and accountability in the development and use of AI technology. It also underscores the EU's commitment to being a global standard-setter in trustworthy AI, as stated by Thierry Breton, the EU's internal market commissioner.

The AI Act has been the subject of intense lobbying by various stakeholders, including tech giants and AI start-ups. However, the EU has maintained that it has withstood these pressures and produced a balanced, risk-based, and future-proof regulation.

In general, the European Union's approval of the AI Act marks a major step forward in the global regulation of AI, setting a precedent for other countries and institutions to follow.