The Director General of the European trade association, DIGITALEUROPE, Cecilia Bonefeld-Dahl, has written an op-ed for EURACTIV warning that the EU's digital laws are becoming increasingly complex and resembling a regulatory spaghetti bowl. She cautions that as landmark negotiations on the Artificial Intelligence Act and Cyber Resilience Act continue, there is a risk of further entanglement and potential headaches for Europe's competitive edge.
According to Bonefeld-Dahl, the key to building a successful technology business is to grow rapidly, and that requires tapping into the 500 million consumers in Europe's single market. However, regulatory burden and complexity are among the top three barriers to growth for promising small tech companies in Europe, resulting in only 8% of the world's unicorns originating from the continent. To illustrate the issue, DIGITALEUROPE’s members report spending an average of 15% more on compliance than five years ago. And more laws are yet to be enacted.
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