The EU's planned law regulating artificial intelligence must be based on an "innovation-friendly" approach, ministers from Germany, France and Italy said Monday, while urging more investment in the new technology.
After meeting in Rome, the economic affairs ministers from the European Union's three largest economies welcomed what would be the world's first law covering AI, expected to be agreed by the end of the year.
But in a joint statement, they said it was "paramount to ensure that legislation in the EU is designed without unnecessary bureaucracy and that existing red tape is being cut".
They "reiterated their commitment for an innovation-friendly and risk-based approach, reducing unnecessary administrative burdens on companies that would hinder Europe's ability to innovate".
The law would regulate AI according to the level of risk: the higher the risk to individuals' rights or health, for example, the greater the systems' obligations.
The ministers said the EU should place AI at the "core of its industrial policy", saying the technology "will have important ramifications for our industrial strength, productivity and competitiveness".
During a joint press conference, however, French Finance and Economy Minister Bruno Le Maire lamented insufficient European investment.
"Europe currently invests ten times less than the United States," Le Maire said, saying the US invested 50 billion euros ($53 billion) in AI last year, compared to the EU's five billion and China's 10 billion euros.
The three ministers called for the simplification of procedures for multi-country projects, to help European start-ups.
They also said they supported "a strong European venture capital ecosystem, to enable innovative firms to receive the much needed financing to further step up their growth".
Italian Enterprise Minister Adolfo Urso, who hosted Monday's talks, said AI would be a priority for his country's presidency of the G7 in 2024.
It was the second meeting of the trio over industrial policy, after talks in Berlin in June hosted by German Economy Minister Robert Habeck focused on access to critical raw materials.
A third meeting in Paris is scheduled for January, Le Maire said.
Monday's meeting comes ahead of a global AI summit hosted by Britain later this week.