China and the U.S. are taking more aggressive steps in regulating Big Tech, challenging the European Union's dominance in the space.
Thierry Breton, Europe's single market chief, is working on an artificial intelligence strategy, on space traffic management standards — which promote safe access to outer space, and others. More recently, the commission also announced plans to boost the production of semiconductors in the region.
But the question is whether it will succeed and how quickly. One of the biggest criticisms of the EU is how long it takes to implement new laws.— two major pieces of legislation aimed at ensuring fairer competition, which were presented in December but are unlikely to be put into action before mid-2022 at the earliest.
He recognized that there is an overall aim between the U.S., the EU and China: to grant users more control over certain data and limit the potential market power of digital giants. However, he stressed that each region has a different approach and "significant regulatory divergence will be the likely outcome."In the end, Emre Peker, director at the consultancy firm Eurasia, said it was too soon to say that the EU is losing its crown as the world's top tech regulator.
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