Challenges of regulating innovative technologies
Challenges of regulating innovative technologies

Author(s): Michala Stupková
Subject(s): Economic policy, Environmental and Energy policy, ICT Information and Communications Technologies
Published by: EUROPEUM - Institut pro evropskou politiku
Summary/Abstract: Modern technologies are an inherent part of today's world and research is advancing at a rapid pace. The disruptive technologies such as AI, DLT, IoT, VR or robotics are currently booming for instance in healthcare, transportation, agriculture, energetics, or finance. Although the use of these innovative technologies undoubtedly provides many benefits to various subjects, it might also potentially pose certain risks. Regulators all over the world are therefore challenged to find the most efficient regulatory approaches that would not only achieve the intended regulatory objectives but also wouldn’t result in unnecessary administrative barriers or in prevention of a further development of innovations. Some of the obstacles the regulators face are, however, the rapidly changing environment, the length of the legislative process or limited understanding of the technology. This policy paper therefore identifies the regulatory challenges and demonstrates a few legislative techniques used by the European union in the recent legislative proposals which aim to tackle these challenges. Furthermore, the policy paper summarizes the key principles that the EU should adhere to when regulating new technologies to ensure the appropriate protection of users, businesses, investments, or financial stability while at the same time supporting technological innovation. Robust but reasonable regulation without unnecessary and overly burdensome obligations seems to be the solution for the EU to be a global regulatory standard setter and to stay at the forefront of the tech development.

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