BusinessEurope, DIGITALEUROPE, the European Round Table for Industry (ERT) and the European Automobile Manufacturers Association (ACEA) jointly published “Schrems II - Impact survey report” on 26 November. The survey aims at providing a snapshot of how personal data is transferred from Europe to the rest of the world and to contribute to a fact-based pragmatic solution going forward. The EU data economy is expected to amount to €827 billion by 2025 and the ability to transfer data across borders will be crucial for the recovery of the European economy after the COVID crisis. “We believe this is crucial insight to guide decision-makers. Not the least because 75% of those using standard contract clauses (SCCs) are European, and Europe’s prosperity and global influence rely upon their use”, said BusinessEurope’s Director General Markus J. Beyrer.

BusinessEurope today published its Autumn Economic Outlook 2020 with figures suggesting that whilst the economic recovery is underway, it is uneven and uncertain. Even by the end of 2021, the EU economy will likely still be 3% below pre-crisis level. Given the resurgence of the virus, Director General Markus J. Beyrer commented, a very rapid implementation of the EU recovery instrument is essential in this enduring COVID crisis. At the same time, EU member states must avoid any premature unwinding of measures to support business and workers, such as wage subsidies and tax holidays, which would risk a new recession. With private investment having fallen considerably during the crisis, we need public investment to temporarily fill that gap. This means rapid agreement and implementation of the EU's Next Generation recovery instrument. "This recovery instrument represents both a once-in-a-generation opportunity to transform our economies and a great opportunity to show that Europe can be the solution in times of crisis. Now is not the time to be pressing particular favoured projects, it is the time to unite", Beyrer added. You can also watch a video of our Director for Economics James Watson talking more about the situation.