European Parliament approves resolution on robotics, job losses spark concerns

Maria Nikolova

An area of contention seems to be the role of machines at the workplace and the potential loss of jobs for human workers.

The website of the European Parliament is often filled with eye-tearing press releases such as “Give rabbits more space”. Not today. Today, the MEPs looked to the future and the potential consequences from the increased adoption of robotics and related artificial intelligence (AI) solutions in various areas of life.

Data from the International Federation of Robotics show that robot sales increased by an average of 17% per year between 2010 and 2014, and by 29% globally in 2014 alone.

Having this in mind, MEPs today voted a resolution that urges the European Commission to draft rules for the field of robotics to be applied across the European Union.

The resolution was passed by 396 votes to 123, with 85 abstentions.

A point of disagreement was the part concerning the effects of AI on the labour market. Rapporteur Mady Delvaux (S&D, LU) commented: “Although I am pleased that the plenary adopted my report on robotics, I am also disappointed that the right-wing coalition of ALDE, EPP and ECR refused to take account of possible negative consequences on the job market. They rejected an open-minded and forward-looking debate and thus disregarded the concerns of our citizens.”

This topic has been discussed at FinanceFeeds numerous times – AI solutions are advancing in the financial services industry, threatening to replace human staff in various roles. Recent examples come from Japan’s Fukoku Mutual Life Insurance and Russia’s Sberbank. And yet, some consider that robots would elevate human work rather than make it useless.

MEPs call for the European Commission to monitor these trends closely.

MEPs say draft legislation is urgently needed to clarify certain liability issues, for self-driving cars in particular. They urge the establishment of a mandatory insurance scheme and a supplementary fund to ensure that victims of accidents involving driverless cars get just compensations. The Commission is also requested to consider determining a specific legal status for robots in the long run, so that it would be possible to establish who is liable if they cause damage.

The resolution also highlights certain ethical issues related to the growing use of robotics – for instance, issues related to privacy and safety. MEPs propose a voluntary ethical code of conduct on robotics for researchers and designers so that “robot design and use respect human dignity”.

Establishing a European agency for robotics and artificial intelligence is also proposed. It is set to supply public authorities with technical, ethical and regulatory expertise.

MEPs note that regulatory standards for robots are already being planned in a number of countries. The Commission is not obliged to follow the Parliament’s recommendations, but should provide its reasons if it refuses.

Read this next

Executive Moves

NAGA lures former Tickmill compliance exec Loukia Matsia

NAGA Group, a provider of brokerage services, cryptocurrency platform NAGAX and neo-banking app NAGA Pay, appointed Loukia Matsia as their new Head of Compliance and Anti-Money Laundering (AML).

blockdag

Explore 2024’s Top Cryptocurrencies: BlockDAG Leads With 30,000x ROI Potential, Among Surge Predictions For Bitcoin And Ethereum

Navigating the vast ocean of cryptocurrencies might feel overwhelming for many investors, whether seasoned or newbies.

Tech and Fundamental, Technical Analysis

EURUSD Technical Analysis Report 18 April, 2024

EURUSD currency pair can be expected to fall further toward the next support level 1.0600 (which reversed the price earlier this month).

Digital Assets

Binance ordered to remove Changpeng Zhao to get Dubai license

Binance, the world’s largest cryptocurrency exchange, has obtained a Virtual Asset Service Provider (VASP) license in Dubai.

Crypto Insider

Evolution and current state of global crypto adoption

Every four years, the crypto world gets hyped for the Bitcoin halving. Past halvings, like the one of May 2020, saw a massive increase in BTC transactions, which was driven by growing adoption and community involvement.

Digital Assets

Binance set to re-enter India with $2 million fine settlement

Binance, the world’s largest cryptocurrency exchange, is preparing to re-enter the Indian market after agreeing to pay a $2 million fine, according to a report by the Economic Times.

Chainwire

Over 1,000 Builders, Partners, Investors and Enthusiasts Gather at Inaugural Global Event to Celebrate Sui

Last week in Paris, over 1,000 blockchain enthusiasts from 65 countries gathered at the inaugural Sui Basecamp during Paris Blockchain Week. This milestone event showcased major announcements and drew a global community, highlighting Sui’s impactful strides in blockchain technology.

Chainwire

Powered by Qualcomm, Aethir Unveils Game-Changing Aethir Edge Device to Unlock the Decentralized Edge Computing Future

Aethir, in collaboration with Qualcomm, unveils Aethir Edge, the pioneering authorized mining device. Integrated with a distributed cloud network, it offers advanced edge computing, decentralized access, and exclusive rewards. Dive into the decentralized future with Aethir Edge and unlock new dimensions in computing.

Retail FX

Malaysian traders to access the dynamically evolving Octa trading ecosystem

Malaysia will be the first region to try out the new, improved version of OctaTrader, a customisable cross-device trading platform finely attuned to the needs of all traders regardless of their experience. To support the release of new OctaTrader features, Octa launches a global communication campaign The lucky ones, which will highlight some key aspects of the traders’ psychology and attitude to luck.

<