The digitalization of the economy has the potential to become the next huge stimulus for further transatlantic market integration.
The transatlantic market can grow if both sides of the Atlantic draw from their respective digital strengths: For the U.S., it is processing huge amounts of data from customers’ use of internet services, enabling recommendations to consumers about the products most likely to satisfy their needs; for Europe, it is the concept of “Industry 4.0” or smart factories, e.g. the complete digitalization and integration of industrial value chains. The economic potential of this digital revolution needs to be developed further. A prerequisite for this is that the digital infrastructure keeps pace with the demands of increasingly connected economies and societies. Trust and data security also play a huge role in the digital world, as do comparable norms and standards that ensure a level-playing field.