Privacy regulation and its impact on the European economy

Viviane Reding, EU commissioner and initiator of the currently discussed EU data protection regulation, defined one of the regulation’s key objectives at the 4th European data protection conference in Brussels in 2013: “The data protection reform will establish a modern, balanced and flexible set of data protection rules. A set of rules that will create a dynamic market within the European Union and a basis for international cooperation.“ However, this objective will be missed if we are not careful.