It is often said that while the US innovates Europe regulates. But is this actually true? AI, machine learning and generative AI pose new risks and opportunities to our society and many hope or fear that Europe will have a heavy regulatory hand. However, this talk will demystify this assumption and show how EU-laws often under- AND overregulate at the same time. I will explore the actual obligations, shed light on their loopholes, expose shortfalls and explain how to fix them.