Europe must maintain control of key technologies - Commissioner: Aiming for more independence from the US
Europe must maintain control over key technologies that underpin the region's economies, the European Union's Financial Services Commissioner said, adding to growing calls for the bloc to be less dependent on US-based tech giants.
Europe is increasingly focusing on "digital sovereignty," the idea that reliance on companies from the increasingly isolationist United States is a threat to Europe's economy and security.
"Europe must maintain control over the key technologies that support and drive our economies," EU Commissioner Maria Luís Albuquerque said at a financial technology regulatory conference in Brussels.
A senior official at the Dutch central bank also said that Europe should be less dependent on technology firms headquartered outside the region.
European financial institutions were more vulnerable to potential cyberattacks because of their reliance on a small number of cloud computing providers, experts said, although some were expanding their supplier base.
"It is undeniable that the problems in our European financial system have become much more prone to rupture in recent years," the experts added, citing cybersecurity risks and a deterioration in some "long-term global relationships," without naming specific countries.
The European Central Bank said in November that geopolitical tensions and technological disruptions were among the risks facing Europe's banking sector.
EU regulators have designated 19 technology companies, including Amazon Web Services, Google Cloud and Microsoft, as critical third-party computing providers for the bloc's financial industry.
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