EU AI Act Went Live: Europe Entered Into New Era
EU AI Act Went Live: Europe Entered Into New Era

Author(s): Galia Mancheva
Subject(s): Politics / Political Sciences, Politics, Economy, Law, Constitution, Jurisprudence, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, ICT Information and Communications Technologies, EU-Legislation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: artificial intelligence; European Union; regulation
Summary/Abstract: The present paper aims to analyze the development of Regulation (EU) 2024/1689 and its impact on businesses operating within the European Union. The stages of the regulatory process are systematically outlined, reflecting the significant discourse and modifications that occurred following the initial announcement. A key aspect of the regulation is its risk-based approach to artificial intelligence, which is examined in the context of contemporary risk management principles. The analysis considers the regulation’s implications for different stakeholders, including policymakers, businesses, and technology developers. This study investigates the hypothesis that Regulation (EU) 2024/1689 fosters new opportunities for businesses in the European Union and positions Europe as a global leader in artificial intelligence governance. The research identifies specific economic and technological advancements facilitated by the regulation and discusses its potential to shape the competitive landscape of the IT sector and other industries. By providing a systematic assessment of the AI Act’s consequences, the paper differentiates its contribution from existing research, particularly Mancheva (2022), by focusing on the regulatory implementation phase and its tangible effects on innovation ecosystems.

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