European Commission Data Strategy: EBF response

European Commission Data Strategy: EBF response

BRUSSELS, 31 May 2020 – The European Banking Federation (EBF) supports the European Commission’s ambition to create a single market for data in the EU. If effectively implemented, the Strategy is a first step to promote a European Data Economy that benefits both consumers and firms. The greatest opportunities for data-driven innovation will come from reusing and combining data, particularly across sectors. This is being underscored by the current Covid-19 crisis (e.g. importance of telecoms or mobility data to address challenges in the health sector). As the Commission outlines in its Data Strategy, “making more data available and improving the way in which data is used is essential for tackling societal, climate and environment-related challenges.” In addition, the proposal for Green Data Space shows the importance of creating an ecosystem of data that is not limited to sectoral boundaries. Most importantly, users should be at the centre of the data economy and regulatory initiatives should directly help individuals and firms to take control over their data in the digital environment — how it is used and how it is shared. The EU has the opportunity to regain competitiveness with respect to other jurisdictions by, as viewed by most EBF members, enhancing the existing portability right for individuals under Article 20 GDPR and working towards suitable data portability right for firms. This would stimulate innovation and competition for the benefit of both end-users and industry.

Media contact:

Liga Semane, Data & Innovation – Policy Adviser – l.semaine@ebf.eu