2024

DOI: https://www.doi.org/10.31178/AUBD/2024.01

Abstract: This fourth wave of the industrial revolution, set to be ushered in by new technologies at the start of the 21st century, is radically transforming the economy. Technological progress has enabled disruptive economies and an unprecedented rate of emerging markets. At the same time, an enhanced global consciousness has fostered a greater awareness of humanity’s role on the planet and its duty to improve the quality of life and the sustainability of its interaction with the planet. The rapid pace of economic and social transformation has created a gap between the demands of reality and the effective coverage of the law. Building on a long tradition of effective regulation and law enforcement, the European Union and its Member States have taken the effectiveness of the law for granted. Most problems stemmed from identifying the appropriate tools needed to enforce the law. The paradigm shifted radically when legislation revealed significant shortcomings in managing the latest behavioral trends across several emerging markets, which tested the regulatory system’s capacity. Equally, with regard to the rule of law and the application of a single regulatory system, the current economy presents aspects that are difficult to comprehend in the ongoing development of cyber-physical systems, such as those assisted by Artificial Intelligence. This paper discusses the challenges and several conditions that regulations should meet in order to overcome these issues.

Keywords: relevant markets, regulatory efficiency, regulation, challenges, new technologies, adaptability, effectiveness, law enforcement