There is a “dangerous” imbalance of digital power between the European Union and the United States and China, warned European Commissioner Vera Jourova.
Speaking at the European Business Summit, the Vice-President of the European Commission for Values and Transparency was outlining the work being done by Europe in regulating digital platforms.
The EU has for years encouraged policies aimed at fostering the growth of tech champions to challenge the likes of Google, Apple, Tencent and Alibaba, without making the hoped-for breakthroughs.
The chief executive of Swedish telecoms company Ericsson suggested the EU lost out in mobile development during the last decade because they were slower to roll out 4G networks than the U.S. and China.
He said that some countries such as Sweden risked making the same mistake with the next generation of technology by banning Chinese companies from involvement in 5G.