What does the EU's new digital strategy mean for financial services?

“Tech sovereignty” and the ability for the EU to “make its own choices, based on its own values, respecting its own rules” – is how Ursula von der Leyen, President of the European Commission, summed up the vision behind the new EU digital strategy.

The package sets out proposals to create a frictionless and resilient digital single market, boost and protect the competitiveness of European companies through data-driven innovation, and review the current legislative framework to ensure adequate safeguards for EU citizens, particularly in relation to Artificial Intelligence (AI).

This article explores the EU’s new digital strategy and what the proposed policy approaches to AI, data, and cloud may mean for financial services.