Artificial Intelligence (AI) is becoming increasingly pervasive throughout Europe, producing major economic and social benefits but also posing new risks and challenges. In April 2021 the European Commission unveiled new regulations in a proposed AI Act, which is now going through the EU legislative process. In her address to the IIEA, Ms Yordanka Ivanova outlines the thinking underpinning the AI Act proposal and she discusses the latest developments and debates in relation to the proposed Act.