EU Bets on Creating Single Market for Data

The European Commission plans to develop a single European marketplace for data, hoping that pooling the region’s deep industrial expertise will assist build technology powerhouses to catch up with Silicon Valley and state-supported Chinese giants.EU Bets on Creating Single Market for Data

The plan recommended by the EU executive Monday is part of a digital market policy overhaul that also consists of steps to rein in the data controlling powers of firms such as Google, Amazon, and Facebook.

Having lagged the first tide of digital innovation, particularly in client markets akin to social media, online procuring and smartphones, the EU is keen to make up lost ground and avoid its companies relying on data from the U.S and Asian competitors.

EU industry leader Thierry Breton stated a vital element of the plan would be the creation of an EU cloud platform collaboration, with the EU hoping to mobilize as much as 2 billion euros for this. He didn’t give details of how the platform would function.

Alongside the single European data market, the Commission plans to develop smaller data markets focused on critical sectors, it mentioned. A final draft of its recommendations, following feedback from parties, is anticipated by the end of the year.

The plans come alongside steps by some EU nations to bring digital taxes on major U.S. tech firms, steps denounced by Washington as equivalent to protectionism.