European overregulation, bureaucracy and lack of tech innovation have their price pic.twitter.com/X5aeydfYaO
— Michael A. Arouet (@MichaelAArouet) April 27, 2024
- The European Union has introduced regulations such as the Digital Markets Act, Data Act, and AI Act. While the aim is to protect consumers and support European businesses, these measures could have detrimental consequences for European companies and global competitiveness.
- Executives from over 150 companies (including many EU-based firms) signed an open letter warning that Europe could stifle innovation and miss out on the AI revolution if it adopts the AI Act.
- DIGITALEUROPE, a Brussels-based group representing European and international companies, criticized the proposed Data Act, noting that it could disadvantage European industry and pose risks to cybersecurity
- U.S. companies operating in the European market face additional burdens due to discriminatory elements in EU policies.
- Bipartisan congressional letters have highlighted concerns that these policies unfairly favor domestic European firms and inadvertently benefit foreign-owned competitors, including Chinese and Russian companies