European fragmented rules are a major bottleneck to a well-functioning European digital market, said Viviane Reding, former Vice-President of the European Commission, Member of the European Parliament, at an EIB Institute seminar on Monday. “”Europe needs to take more determined joint actions, reduce legal fragmentation and create a culture of risk-taking to build a digital continent,” she added. “We need one rule for one continent”.

Europe is still “lagging behind in high-speed infrastructure and investments in e-learning or e-health” she added, pointing out to the many “white spots” in europe where there is insufficient high speed coverage. To build a digital continent, Europe needs effective cross-border contract rules, solid data protection and copyright laws as much as to “build bridges across the Atlantic” on these issues with the American authorities.

But Europe also needs to move away from its risk averse culture leading to less “unicorns” (successful start-up companies whose valuation exceeds USD 1 billion)  being founded in Europe (10) compared to the US (73) or Asia (27). Europe cannot hide from the technological evolution she said, calling for a “holistic strategy” with joint public and private investment and close collaboration among public actors at all levels.