Joint Statement: The Data Act is a leap into the unknown
Data sharing will be fundamental to the success of the European economy in the coming years, with data contributing at least €1 trillion by 2030.1 But the Data Act as it stands is a huge leap into the unknown, affecting the fundamentals of European companies’ data-driven business models, with only the promise of a better data future.
As the policymaking process accelerates on this pivotal proposal, industry warns against possible unintended economic consequences across data value chains. At a time of great economic upheaval, record-high energy prices and the negative impact of pandemic and war on global supply chains, what industry needs to succeed is stability, not more uncertainty. Before opening Pandora’s box, the Data Act’s rules need to be tried and tested in real-world market conditions to make sure that they work for European businesses.