Abstract
Artificial intelligence (AI) has the capacity to improve not only the individual quality of life, but also economic and social welfare. Although the AI systems have many advantages, they also pose significant risks, creating a wide range of moral and legal dilemmas. The European Union has been creating a legal framework for developing, trading, and using AI-driven products, services, and systems to reduce the risks connected with the AI systems and to prevent any possible harm they may cause. The main focus of this paper refers to the analysis of the Proposal for the Artificial Intelligence Act submitted by the European Commission in April 2021. The goal of the article is to move toward a possible resolution to the dilemma of whether the AIA proposal is appropriate for the AI era by addressing the scope of its application, the prohibited AI practices, rules on high-risk AI systems, specific transparency obligations, as well as certain regulatory gaps. The article should be viewed as an initial analysis of the AIA proposal in order to provide a useful framework for the future discussion.
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