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Thread: EU set to redefine global digital regulation. Big implications for Big Tech and big opportunity for US policy. https://www.ft.com/content/4e08efbb-dd96-4bea-8260-01502aaf1bd7
2/For years, the EU has walked a tightrope on digital regulation. In some cases following the light touch approach of the US and in others (see privacy) championing consumer protection. https://www.dropbox.com/s/6v4vx35ft7z3wct/Wallace_9780198807605_12_PEAN.docx?dl=0
3/That balance is now shifting. In a flurry of actions, the EU is reconsidering its approach to Big Tech and upping its regulatory game. See for example the proposals for a Digital Services Act and Digital Market Act. https://www.csis.org/analysis/digital-services-act-digital-markets-act-and-new-competition-tool
4/But also the Data Governance Act https://www.lexology.com/library/detail.aspx?g=7bd1f827-8beb-4c55-b9e0-27294516bc8b
5/And terrorist content regulation. https://www.euractiv.com/section/digital/opinion/the-fundamental-rights-concerns-at-the-heart-of-new-eu-online-content-rules/
6/These collectively signal a strong emphasis on market correction, limiting market power, data sovereignty, and consumer protection. All things that long existed in EU policy but are now being supercharged.
7/This is a recognition of the way data and growth models will be tied together going forward and the weak hand that the EU has in many of these areas. https://www.cambridge.org/core/journals/business-and-politics/article/data-development-and-growth/DC04765FB73157C8AB76AB1742ECD38A
8/Also a focus on the security and vulnerabilities generated by EU position in these networks. https://www.mitpressjournals.org/doi/abs/10.1162/isec_a_00351?journalCode=isec
9/What the EU lacks in market players, however, it has in market power. And it looks like it is ready to use it. https://www.cambridge.org/core/journals/international-organization/article/abs/mobilizing-market-power-jurisdictional-expansion-as-economic-statecraft/880511974FC84FF93C95403A11788147
10/Importantly, there are policy makers in the US that look ready to take up the EU offer. https://www.nytimes.com/2020/12/09/technology/facebook-antitrust-monopoly.html
11/A new transatlantic bargain on tech could have important implications not just for the future of the market but also competition with China. https://cepa.org/a-transatlantic-effort-to-take-on-china-starts-with-technology/
