U.S. tech firms could face new challenges in Europe amid a growing debate about data privacy and security.
has expressed similar worries. He told The Economist last month that if nothing changes in Europe "in 10 years' time, no one will be able to guarantee the technological soundness of your cyber-systems, no one will be able to guarantee who processes the data, and how, of citizens or companies".
Digital sovereignty encompasses the idea that users, being citizens or companies, have control over their data. According to Andrea Renda, senior fellow at the think tank CEPS, about 94% of data in the Western world is stored in the U.S. "Digital sovereignty can be approached in various ways, but one should not expect European technologies to replace U.S. or Chinese products, services and platforms everywhere," Renda told CNBC via email.biggest tech companies in the world are American; and there is no European firm among that list. Rather than looking to build new tech giants, Europe should further develop regulation and investment to minimize dependency on non-European technology, Renda added.
It will take time to create a coherent framework to make 'digital sovereignty' work in a fair and transparent manner.The European Union has taken steps on the regulation side of technology. It introduced in May of last year theThe EU's Competition Commission has also opened investigations into big tech companies., for example, is under investigation since July as European authorities assess whether the company is using sales data to gain an unfair advantage over smaller retailers.
Georgios Petropoulos, research fellow at Bruegel think tank, said: "I expect that data will play a more prominent role in competition policy cases."
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