The European Union’s approach to artificial intelligence and the challenge of financial systemic risk

Anat Keller; C. Martins Pereira; M. Lucas Pires

doi:10.1007/978-3-031-41264-6_22

The European Union’s approach to artificial intelligence and the challenge of financial systemic risk

Anat Keller
, C. Martins Pereira^*
, M. Lucas Pires

^*Autor correspondente para este trabalho

Resultado de pesquisa › revisão de pares

2 Citações (Scopus)

150 Transferências (Pure)

Resumo

This piece examines the EU’s ‘Proposal for a Regulation of the European Parliament and of the Council Laying Down Harmonised Rules on Artificial Intelligence’ (‘AI Act’) with a view to determining the extent to which it addresses the systemic risk created by AI FinTech. Ultimately, it is argued that the notion of ‘high risk’ at the centre of the AI Act leaves out financial systemic risk. This exclusion can neither be justified by reasons of technology neutrality, nor by reasons of proportionality: neither is AI-driven financial systemic risk already covered by existing (or proposed) macroprudential frameworks and tools, nor can its omission from the AI Act be justified by the prioritisation of other types of risk. Moving forward, it is suggested that the EU’s AI Act would have benefited from a broader definition of ‘high risk’. It is also hoped that EU policy makers will soon begin to strengthen existing macroprudential toolkits to address the financial systemic risk created by AI.

Idioma original	English
Título da publicação do anfitrião	Multidisciplinary perspectives on artificial intelligence and the law
Editores	Henrique Sousa Antunes, Arlindo L. Oliveira, Elsa Vaz de Sequeira, Pedro Miguel Freitas, Clara Martins Pereira, Luís Barreto Xavier
Editora	Springer Nature
Páginas	415-439
Número de páginas	25
ISBN (eletrónico)	9783031412646
ISBN (impresso)	9783031412639
DOIs	https://doi.org/10.1007/978-3-031-41264-6_22
Estado da publicação	Publicado - 2024

Série de publicação

Nome	Law, Governance and Technology Series
Volume	58
ISSN (impresso)	2352-1902
ISSN (eletrónico)	2352-1910

ODS da ONU

Este resultado contribui para o(s) seguinte(s) Objetivo(s) de Desenvolvimento Sustentável

ODS 8 Trabalho digno e crescimento económico

Acesso ao documento

10.1007/978-3-031-41264-6_22Licença:

91633543Final published version, 1,28 MBLicença:

http://hdl.handle.net/10400.14/43639Licença:

Outros arquivos e links

Link to publication in Scopus

CEID-CRCFL: Católica Research Centre for the Future of Law
Pais, S. O. (Professor Associado), Costa, A. C. R. (Professor Auxiliar Convidado), Afonso, A. (Professor Auxiliar), Ribeiro, A. T. (PI), Martins, A. A. (Professor Auxiliar Convidado), Guedes, A. (Professor Associado), Sousa, A. F. D. (Professor Auxiliar), Triunfante, A. (Professor Auxiliar), Botelho, C. S. (Professor Auxiliar), Fraipont, C. D. (Estudante), Tavares, E. (Estudante), Ferreira, A. S. (Estudante), Antunes, A. F. M. (PI), Fonseca, A. (PI), Abrantes, A. M. (Estudante), Amaro, A. E. L. (Bolseiro), Cortês, A. U. (Professor Associado), Rocha, A. (Professor Auxiliar), Baldé, A. (Estudante), Sardinha, C. (Professor Auxiliar), Lucena, C. (Estudante), Sequeira, E. V. D. (Professor Auxiliar), Ferreira-Pinto, F. A. (Professor Auxiliar), Calvão, F. (Professor Associado), Alves, F. C. (Docente Assistente Convidado), Ribeiro, G. A. (Professor Auxiliar), Matias, G. (Professor Auxiliar), Ferreira, H. P. (Estudante), Salinas, H. (Professor Auxiliar), Antunes, H. S. (Professor Associado), Sousa, I. P. D. (Docente Assistente Convidado), Costa, I. G. (Estudante), Duarte, I. T. (Bolseiro), Dalhuisen, J. (Professor Visitante), Geng, J. (Estudante), Vasconcelos, J. (Professor Associado), Gomes, J. S. (Estudante), Lopes, J. F. (Estudante), Silva, J. P. D. (Professor Auxiliar), Lopes, J. A. (Professor Associado), Moutinho, J. L. (Professor Associado), Antunes, J. E. (Professor Associado), Proença, J. C. B. (Professor Associado Convidado), Estaca, J. (Estudante), Domingos, J. L. (Estudante), Cunha, J. D. D. (Professor Associado), Rodrigues, J. (Estudante), Taborda, J. (Estudante), Araújo, L. (Estudante), Fábrica, L. (Professor Auxiliar), Naia, L. R. (Bolseiro), Campos, M. F. (Professor Associado), Queiroz, B. M. (Professor Auxiliar), Cunha, M. D. C. (Professor Associado), Baptista, D. (Professor Auxiliar), Ribeiro, M. D. F. (Professor Associado), Ferreira, M. E. (Professor Auxiliar), Quadros, I. (Professor Auxiliar), Tavares, M. I. (Professor Auxiliar), Campos, I. M. (Professor Auxiliar), Martins, M. D. (Professor Auxiliar), Faria, M. P. R. D. (Professor Associado), Xavier, R. (Professor Catedrático), Faria, R. L. D. (Professor Auxiliar), Rocha, V. (Professor Auxiliar), Almeida, M. A. D. (Professor Catedrático), Domingos, M. P. (Bolseiro), Rosas, M. (Docente Assistente Convidado), Portocarrero, M. (Professor Auxiliar), Rouxinol, M. (Professor Auxiliar), Alija, N. (Estudante), Silva, N. S. E. (Professor Auxiliar Convidado), Martins, P. F. (Professor Auxiliar), Pichel, P. (Docente Assistente Convidado), Cunha, P. O. (Professor Associado), Albuquerque, P. P. D. (Professor Catedrático), Marques, P. G. (Professor Auxiliar), Machete, P. (Professor Associado), Gomes, P. C. (Professor Auxiliar Convidado), Freitas, P. (Professor Auxiliar), Carvalho, R. (Professor Associado), Moreira, R. R. (Bolseiro), Andrade, R. (Docente Assistente Convidado), Morais, R. D. (Professor Catedrático), Medeiros, R. (Professor Catedrático), Duarte, R. P. (Professor Catedrático), Carvalho, C. D. O. (Professor Associado), Tavares, S. (Professor Auxiliar), Vasques, S. (Professor Associado), Venda, S. B. E. (Estudante), Maltez, S. (Bolseiro), Rendas, T. (Professor Auxiliar Convidado), Tavares, T. (Professor Auxiliar), Ventura, V. (Estudante) & Nogueira, J. F. P. (Professor Auxiliar)
1/01/20 → 31/12/25
Projeto

Multidisciplinary perspectives on artificial intelligence and the law
Antunes, H. S. (Editor), Freitas, P. M. (Editor), Oliveira, A. L. (Editor), Pereira, C. M. (Editor), Sequeira, E. V. D. (Editor) & Xavier, L. B. (Editor), 2024, 1 ed. Springer. 427 p. (Law, Governance and Technology Series)
Resultado de pesquisa › revisão de pares

Acesso aberto
Ficheiro
1597 Transferências (Pure)

Citação

Keller, A., Pereira, C. M., & Pires, M. L. (2024). The European Union’s approach to artificial intelligence and the challenge of financial systemic risk. Em H. S. Antunes, A. L. Oliveira, E. V. D. Sequeira, P. M. Freitas, C. M. Pereira, & L. B. Xavier (Eds.), Multidisciplinary perspectives on artificial intelligence and the law (pp. 415-439). (Law, Governance and Technology Series; Vol. 58). Springer Nature. https://doi.org/10.1007/978-3-031-41264-6_22

Keller, Anat ; Pereira, C. Martins ; Pires, M. Lucas. / The European Union’s approach to artificial intelligence and the challenge of financial systemic risk. Multidisciplinary perspectives on artificial intelligence and the law. editor / Henrique Sousa Antunes ; Arlindo L. Oliveira ; Elsa Vaz de Sequeira ; Pedro Miguel Freitas ; Clara Martins Pereira ; Luís Barreto Xavier. Springer Nature, 2024. pp. 415-439 (Law, Governance and Technology Series).

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abstract = "This piece examines the EU{\textquoteright}s {\textquoteleft}Proposal for a Regulation of the European Parliament and of the Council Laying Down Harmonised Rules on Artificial Intelligence{\textquoteright} ({\textquoteleft}AI Act{\textquoteright}) with a view to determining the extent to which it addresses the systemic risk created by AI FinTech. Ultimately, it is argued that the notion of {\textquoteleft}high risk{\textquoteright} at the centre of the AI Act leaves out financial systemic risk. This exclusion can neither be justified by reasons of technology neutrality, nor by reasons of proportionality: neither is AI-driven financial systemic risk already covered by existing (or proposed) macroprudential frameworks and tools, nor can its omission from the AI Act be justified by the prioritisation of other types of risk. Moving forward, it is suggested that the EU{\textquoteright}s AI Act would have benefited from a broader definition of {\textquoteleft}high risk{\textquoteright}. It is also hoped that EU policy makers will soon begin to strengthen existing macroprudential toolkits to address the financial systemic risk created by AI.",

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Keller, A, Pereira, CM & Pires, ML 2024, The European Union’s approach to artificial intelligence and the challenge of financial systemic risk. em HS Antunes, AL Oliveira, EVD Sequeira, PM Freitas, CM Pereira & LB Xavier (eds), Multidisciplinary perspectives on artificial intelligence and the law. Law, Governance and Technology Series, vol. 58, Springer Nature, pp. 415-439. https://doi.org/10.1007/978-3-031-41264-6_22

The European Union’s approach to artificial intelligence and the challenge of financial systemic risk. / Keller, Anat; Pereira, C. Martins; Pires, M. Lucas.
Multidisciplinary perspectives on artificial intelligence and the law. ed. / Henrique Sousa Antunes; Arlindo L. Oliveira; Elsa Vaz de Sequeira; Pedro Miguel Freitas; Clara Martins Pereira; Luís Barreto Xavier. Springer Nature, 2024. p. 415-439 (Law, Governance and Technology Series; Vol. 58).

Resultado de pesquisa › revisão de pares

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Keller A, Pereira CM, Pires ML. The European Union’s approach to artificial intelligence and the challenge of financial systemic risk. Em Antunes HS, Oliveira AL, Sequeira EVD, Freitas PM, Pereira CM, Xavier LB, editores, Multidisciplinary perspectives on artificial intelligence and the law. Springer Nature. 2024. p. 415-439. (Law, Governance and Technology Series). doi: 10.1007/978-3-031-41264-6_22

The European Union’s approach to artificial intelligence and the challenge of financial systemic risk

Resumo

Série de publicação

ODS da ONU

Acesso ao documento

Outros arquivos e links

Impressão digital

Projetos

CEID-CRCFL: Católica Research Centre for the Future of Law

Resultado de pesquisa

Multidisciplinary perspectives on artificial intelligence and the law

Citação