This initiative opens opportunities for European companies to grow and to stay at the forefront of technology while at the same time promoting Europe's highest standards of fundamental rights, data protection, safety and fairness.
At its core, the package includes a digital omnibus that streamlines rules on artificial intelligence (AI), cybersecurity and data, complemented by a Data Union Strategy to unlock high-quality data for AI and European Business Wallets that will offer companies a single digital identity to simplify paperwork and make it much easier to do business across EU Member States.
The package aims to ease compliance with simplification efforts estimated to save up to €5 billion in administrative costs by 2029. Additionally, the European Business Wallets could unlock another €150 billion in savings for businesses each year.
Read the full press release.
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