The European Union isn’t a big player in cutting-edge AI development. That role is taken by the U.S. and China. But Brussels often plays a trend-setting role with regulations that tend to become de facto global standards and has become a pioneer in efforts to target the power of large tech companies.

The sheer size of the EU’s single market, with 450 million consumers, makes it easier for companies to comply than develop different products for different regions, experts say.

It’s called the Brussels effect. Wish we would utilize it more for climate regulation / carbon pricing, although that’s another topic.

Is this the offical website for the act? https://www.artificial-intelligence-act.com/ Yesterdays’s signing does not seem to be covered yet in their timeline.