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At a recent AI policy event in Amsterdam, Yoram Wijngaarde interviewed Eoghan O'Neill from the European Commission's AI office to unpack Europe's position in the global AI race. The conversation tackles the persistent criticism around EU regulation, reframing the AI Act as product safety legislation rather than a barrier to innovation. O'Neill makes the case that Europe's fundamentals — talent, infrastructure, and open-source adoption — are considerably stronger than the prevailing narrative suggests. The discussion addresses the scale-up funding gap, with details on the Commission's new €100 million-minimum investment fund, and touches on the EU-INC, or “28th regime” proposal expected by the end of March. O'Neill also talks about the Commission's own internal deployment of open-source AI models and what it signals for the broader ecosystem. 0:00 Introduction 0:17 What the AI office actually does 0:53 The case for AI regulation as product safety 4:30 Balancing risk and opportunity in Europe 6:42 The rise of open-source AI and the Commission's embrace of it 8:44 Europe's AI strengths: Talent, infrastructure, and startups 11:01 The scale-up funding gap and how to close it 12:35 The 28th regime: What to expect 13:50 Closing