CEP Magazine (April 2020)
In a bid to give European markets more of a foothold in the global economy and to fend off companies and countries that are “undermining fair competition,” the European Commission unveiled in March a strategy that both encourages the sharing of data between businesses and discourages foreign governments from restricting access to their own markets while taking advantage of those in the EU.
According to Reuters:[1]
Under the new policy blueprint, the Commission will evaluate and review EU competition rules to ensure that they are fit for purpose and contribute to a strong European industry at home and in the world. In light of the growing data economy, the new policy envisions setting up a legal framework to facilitate the use, access to and sharing of data in a push to get companies to embrace artificial intelligence and blockchain technology. It will also promote more ‘Important Projects of Common European Interest (IPCEI),’ building on the success of an 8-billion-euro battery project involving seven EU countries and 17 European companies approved last year.
The strategy came about after criticisms were made by several companies and countries “complaining that others are able to take advantage of Europe’s open markets without being subjected to the same rules.”