Simpler EU digital rules and new digital wallets to save billions for businesses and boost innovation
The European Commission has introduced a new digital package designed to simplify digital rules and boost innovation for European businesses. This initiative focuses on streamlining administrative processes, potentially saving billions of euros for companies across various sectors, from startups to large enterprises. The goal is to allow businesses to spend more time on innovation and less on compliance, fostering growth and maintaining Europe's technological competitiveness. The core of the package includes a digital omnibus that simplifies regulations concerning artificial intelligence, cybersecurity, and data management. It also incorporates a Data Union Strategy to facilitate high-quality data access for AI development, along with European Business Wallets. These wallets will provide a single digital identity for businesses, streamlining paperwork and simplifying cross-border operations within the EU. The simplification efforts are estimated to save up to €5 billion in administrative costs by 2029. Moreover, the European Business Wallets could unlock an additional €150 billion in annual savings for businesses. This package underscores the EU's commitment to digital transformation and its focus on creating a supportive environment for businesses while upholding the highest standards of data protection and fundamental rights. This digital package aligns with the EU's broader digital strategy, particularly the development of an agile digital rulebook. By easing compliance burdens and promoting digital tools, the EU aims to strengthen its digital sovereignty and ensure businesses can thrive in the digital economy. Further information can be found on the European Commission's digital strategy website.
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