In spring 2024, the European Union formally adopted the AI Act, aimed at creating a comprehensive legal regime to regulate AI systems. In so doing, the Union sought to maintain a harmonized and competitive single market for AI in Europe while demonstrating its commitment to protect core EU values against AI’s adverse effects. In this chapter, we question whether this new regulation will succeed in translating its noble aspirations into meaningful and effective protection for people whose lives are affected by AI systems. By critically examining the proposed conceptual vehicles and regulatory architecture upon which the AI Act relies, we argue there are good reasons for skepticism, as many of its key operative provisions delegate critical regulatory tasks to AI providers themselves, without adequate oversight or redress mechanisms. Despite its laudable intentions, the AI Act may deliver far less than it promises.

The integration of AI into business models and workplaces has a profound impact on society, legal systems, and organizational structures. It also became intrinsically intertwined with the concept of work and worker, and with the assignment of jobs, the measurement of performance and the evaluation of tasks, and decisions related to disciplinary measures or dismissals. The objective of this chapter is to provide an overview of the multifaceted aspects of AI and labor law, focusing on the profound legal questions arising from this intersection, including its implications for employment relationships, the exercise of labor rights, and social dialogue.

In virtually all societal domains, algorithmic systems, and AI more particularly, have made a grand entrance. Their growing impact renders it increasingly important to understand and assess the challenges and opportunities they raise – an endeavor to which this book aims to contribute. In this chapter, I start by putting the current “AI hype” into context. I emphasize the long history of human fascination with artificial beings; the fact that AI is but one of many powerful technologies that humanity has grappled with over time; and the fact that its uptake is inherently enabled by our societal condition. Subsequently, I introduce the chapters of this book, dealing with AI, ethics and philosophy (Part I); AI, law and policy (Part II); and AI across sectors (Part III). Finally, I discuss some conundrums faced by all scholars in this field, concerning the relationship between law, ethics and policy and their roles in AI governance; the juxtaposition between protection and innovation; and law’s (in)ability to regulate a continuously evolving technology. While their solutions are far from simple, I conclude there is great value in acknowledging the complexity of what is at stake and the need for more nuance in the AI governance debate.

The central aim of this book is to provide an accessible and comprehensive overview of the legal, ethical, and policy implications of AI and algorithmic systems more broadly. As these technologies have a growing impact on all domains of our lives, it is increasingly important to map, understand, and assess the challenges and opportunities they raise. This requires an interdisciplinary approach, which is why this book brings together contributions from a stellar set of authors from different disciplines, with the goal of advancing the understanding of AI’s impact on society and how such impact is and should be regulated. Beyond covering theoretical insights and concepts, the book also provides practical examples of how AI systems are used in society today and which questions are raised thereby, covering both horizontal and sectoral themes. Finally, the book also offers an introduction into the various legal and policy instruments that govern AI, with a particular focus on Europe.

The potential of AI solutions to enhance effective decision-making, reduce costs, personalise offers and products, and improve risk management have not gone unnoticed by the financial industry. On the contrary, the characteristics of AI systems seem to perfectly accommodate to the features of financial services and to masterly address their most distinctive and challenging needs. Thus, the financial industry proves to provide a receptive and conducive environment to the growing application of AI solutions in a variety of tasks, activities, and decision-making processing. The aim of this paper is to examine the current state of the legal regime applicable in the European Union to the use of AI systems in the financial sector and to reflect on the need to formulate principles and rules that ensure responsible automation of decision-making and that serve as a guide for widely and extensively implementing AI solutions in banking activity.