Europe First? The Future of the EU Single Digital Market

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Is the European Union going to be the first major global economy to embrace the digital economy advancements, all the benefits it brings forward, and all the digital banking solutions that are coming along the evolution of tech services? What will the EU Single Digital Market bring up on the business horizon?

It looks like it and that makes perfect sense given the naturally occurring EU single digital market that is underpinned by the Euro currency and the policymakers in Brussels.

But why is the EU going to be so far ahead of the pack when compared to its global brethren on digital currencies?

And here is something we want to dedicate the following lines to. It might have to do with the Union’s comprehensive digital economy strategy.

The European Union’s Digital Economy Agenda for the Future

As part of a deepening of ties and economic integration, the European Union Council’s digital strategy seeks to smooth and harmonize bureaucratic processes across all of the member states, as well as drive business and economic prosperity on the front lines of the main agenda.

Through the integration of various legacy systems with a new digital nexus, the EU not only hopes to position itself as a leader in artificial intelligence, tech advancements, and integrated digital systems technology but also to make itself a more competitive zone within which to conduct business. Who wouldn’t love this?

The Six Pillars of the European Union’s Digital Strategy

The European Union’s drive to integrate processes within member states is driven by policy along six primary lines. These pillars of the EU’s strategy to bring its economies fully into the next phase of the digital age is not only a collection of new laws and regulations but also brand new business and government partnerships as well. Something a thriving digital world and digitized economies desperately waited for.

The pillars of this strategy include:

  • connectivity
  • digital value chains
  • eHealth
  • data economy
  • artificial intelligence
  • digital platforms

The Primary Benefits for International Business embracing the “Digital”.

Aside from speeding up payments reconciliation and other digital banking processes, the integrated and harmonized system proposed by the EU also gives its economies the infrastructure that prepares it for a dynamic and ever-changing global situation.

Given the myriad of complexities that many new businesses face, the digital strategy envisioned by The Council eliminates red tape while freeing up resources for deeper collaboration on the local level between businesses and the government in the form of grants, loans, and other programs.

Why Digital and Why Now?

Aside from the drive to advance the economy to the next stage of the digital era, there is a keen sense of not wanting to get left behind in the future economic discussions surrounding digital businesses, tech services, digital banking, and the data economy.

Rather than find itself responding to new trends, the EU would like to start creating them and pioneering them on its own. And, if possible, it would like for its companies to start dictating the future course of the digital economy on a broader scale.

Outside of that, these tools also give legislators both locally and at the Union level more power to grapple with future economic crises and downturns. Risk is lower, security is stable, and the good news is that Brussels dictates that and wish it to be that way.

With more strategic and precise management of the economy using digital mechanisms, it is believed that the efficiencies to both business and the broader government will pay massive dividends in the forms of economic growth and development.

Helping businesses advance in the digital economy

Along with all those facts and conclusions, want to stress that digital banking solutions also promise a much more advanced and flexible business model application that many industries desperately need nowadays.

A number of online games businesses, online dating websites, B2B merchants, e-commerce companies, and other tech services businesses have already applied our reliable and flexible digital banking solutions. As an Authorized Payment Institution in the United Kingdom Monneo provides innovative financial services in full compliance with the highest security and safety standards applied to protect merchants’ data and funds.

Contact us to learn more about how Monneo can help you with cross-border digital payment solutions or apply directly for your virtual IBAN on our website.

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