Innovation in the digital economy architecture: Ensuring regulatory simplification drives innovation and growth

Abstract:

Over the last decade, the EU has pioneered a world-leading framework for digital governance, but the result has been an increasingly complex regulatory landscape and a digital governance system that undermines the workings of economic markets. This column argues that while the European Commission’s Digital Omnibus package responds to this complexity, it treats the symptoms rather than the structural cause of market failure. The authors propose an ‘Innovation in the Digital Economy Architecture’ (IDEA) framework that meets the simplification aims of the Digital Omnibus proposal, while giving digital consumers more control over their personal data, strengthening digital rights, creating transparent data markets that reward trust, and promoting competition and innovation.