Following the widespread concern and debate provoked by the arrival of ChatGPT and similar artificial intelligence (AI) tools, the European University Association's Learning and Teaching Steering Committee shares key considerations for European universities. Noting the current shortcomings and potential benefits of these technologies, this position states that any attempt to ban AI would be futile and that the higher education sector must adapt its approaches in such a way that AI is used effectively and appropriately. As such, the Association invites universities to consider key factors related to AI tools' immediate consequences on learning and teaching, the ongoing innovation of learning and teaching, and universities' broader role in relation to the impact of such technologies on our societies. In addition, the document states EUA's readiness to support European universities by monitoring developments, consulting its members, and sharing advice and best practice as this issue continues to evolve.