In February 2020 the EU published its white paper on ‘Artificial Intelligence: A European approach to excellence and trust’. This is likely to form the core of future policy and legislation within the EU and as such will have global impact on standards and norms. In this comment piece we survey the five sections of the white paper and then critically examine three themes, namely, i. regulatory signalling, ii. the risk-based approach, and, iii. the auditing styles. The key takeaway is that the white paper, and the EU’s strategy at large, is ambiguous and lacks vision, which, if unchecked, is likely to have a negative impact on EU competitiveness in the development of AI solutions and services.