Enter the Data Economy – EU Policies for a Thriving Data Ecosystem

“Big data will be the backbone for successful and prosperous economies

By revolutionising business models, optimising production and decision-making, and enabling the development of innovative products and customised services, the data revolution can spur job creation and significantly enhance competitiveness and public service provision, to the ultimate benefit of EU businesses and citizens. Forgoing the opportunities of data would seriously harm the sustainability of the European economic and social model.

Better data governance is a prerequisite for a successful roll-out of big data strategies

Europe must ensure that the regulatory framework meets Europeans’ needs and preferences, dispels uncertainty and increases trust for all players. This requires a good grasp of the complex and highly interconnected data ecosystem, of its main actors and of how it generates value.

With the GDPR as a backdrop, public intervention is also needed to govern non-personal data

To unleash the full potential of the data economy for businesses, top priority must be given to freeing up flows of data within the single market and with the rest of the world, promoting open data and transparency, increasing competition in the data value chain through enhanced interoperability and portability, and implementing clear liability rules.

Europe needs a far-sighted, proactive data strategy

Public interventionis required to incentivise the uptake of data services and reduce the cost of adopting data-driven decision-making. Targets and benchmarks should stimulate investment in digital technologies and big data analytics. This should be accompanied by investment in digital skills and organisational and financial support, particularly to small and medium enterprises. The latter may also entail a revision of state aid rules”.

https://ec.europa.eu/epsc/publications/strategic-notes/enter-data-economy_en

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Silvia Martinelli

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