EUROPEAN HUMAN RIGHTS LAW FOR A DIGITAL ECONOMY

A RIGHT TO FINANCIAL INCLUSION?

Abstract

In the rapidly evolving Digital Economy, financial inclusion has become a central focus for policymakers, particularly in light of advancements in Artificial Intelligence (AI). While AI and other digital technologies have the potential to democratize access to financial services, they also risk exacerbating existing economic inequalities. This paper explores the role that human rights discourse can play in the emerging debates about financial inclusion in the face of a rapidly evolving, AI-driven digital economy. It focuses on two fundamental questions: how do new technologies contribute to financial inclusion or exclusion, and can our existing human rights frameworks support the existence, or emergence, of a right to financial inclusion?

The study begins by defining financial inclusion and exclusion, establishing a framework to understand the transformative impact of AI on access to financial systems. It then examines recent legal frameworks, particularly the United Nations Sustainable Development Goals and the European Union’s AI Act, as potential mechanisms for fostering inclusive economic participation. It then turns to the question of whether financial inclusion can be considered a human right, exploring the existing debate and potential methodological approaches. It offers a critical analysis of international human rights instruments, exploring in particular the right to an adequate standard of living and the right to development as potential anchors for a right to financial inclusion. It then turns its attention to regional European human rights law to showcase how the unique inception of the EU as a primarily economic union renders it uniquely placed for exploring a potential right to financial inclusion. The article concludes that, while a formal human right to financial inclusion is not yet recognized, the EU’s evolving legal landscape may serve as an incubator for such a right.