Disruptive technologies and the impact on the economy
How should industry and policy makers think about the notion of the market in the digital economy? How is industry transforming into the new digital age? Many argue that the e-Privacy Directive has proven to be needlessly intrusive - is it possible to phase out part or all of it, in favour of cross-sectoral regulation? How feasible might it be to harmonise data protection rules between the US and the EU, for instance by means of TTIP?
On 8 December Bruegel will hold a small closed door, off the record brainstorming event with selected members and other invited companies and experts. The objectives behind the sessions are to have an open discussion regarding the impact of new technologies on the future of the European industry. The focus will be on assessing the trends of digitalisation, data protection and industry 4.0 and the impact they have on the European industrial texture and European labour markets.
Session 1: Industry 4.0
Chair: Karen E. Wilson, Former Non-resident Fellow
The increased level of digitalization is leading to the Fourth Industrial Revolution - a phenomenon of slowly increasing digitalization and interconnection of products, value chains and business models. This process is impacting the industrial sector and will lead to a transformation towards a new digital industry, the so called Industry 4.0. How should industry and policy makers think about the notion of the market in the digital economy? How is industry transforming into the new digital age? What is the role of online platforms? What are the right conditions for digital networks and innovative services to flourish? How can a level playing field be ensured in terms of transparency, use of information, and competitive practices?
Session 2: The Economics of data vs data protection
Chair: J. Scott Marcus, Senior Fellow
Data is playing an increasingly important role in driving innovation. Business models are developing which harness data in new and powerful ways. However, the greater leveraging of consumer data also raises privacy issues. The General Data Protection Regulation (GDPR) that is likely to be enacted within the next six months is expected to provide greater consistency of regulation of privacy, albeit possibly at the cost of greater compliance costs. What net impact might this have on innovation? To what degree are economies of scale and scope crucial for market players who wish to exploit consumer data? Many argue that the e-Privacy Directive has proven to be needlessly intrusive - is it possible to phase out part or all of it, in favour of cross-sectoral regulation? Data collection by government, whether for law enforcement or for national security, clearly raises different issues than data collection by market parties - how will a replacement for Safe Harbour be erected in light of the October ECJ decision? Also, how feasible might it be to harmonise data protection rules between the US and the EU, for instance by means of TTIP?
Karen E. Wilson
Former Non-resident Fellow
J. Scott Marcus
Location & Contact
[email protected] +32 2 227 4212