Why the EU Wants to Create a European Metaverse

Receive free updates on EU technical regulations

This article is the onsite version of the Europe Express newsletter. Register here Get our newsletter sent straight to your inbox every weekday and Saturday morning

good morning. Today our competition correspondent takes you inside his EU metaverse (or at least Brussels’ grand plan to create a metaverse you’ll want to visit). The Rome bureau chief also delivers news that Italy is waiting for funds to recover from the pandemic.

u universe

The EU is promoting the creation of its own metaverse, or multiple metaverses, to compete with the US tech giants. write Javier Espinoza.

Background: Brussels is concerned corporate influence Facebook owner meta and more in the virtual world of tomorrowgiven that the current version of the Internet is already dominated by a handful of American giants.

Brussels regulators for the first time expressed comprehensive thoughts on how to make the EU more competitive in the virtual realm.

A policy document obtained by the FT calls for setting common standards across platforms and ensuring mutual compatibility to eliminate “walled gardens.” The goal is to “make sure”. [the metaverse] A few companies do not rule and set the de facto standard, as America’s tech giants have done in the past.

One of the key battles against Big Tech in recent years has focused on: something like apple and Google “Walled Garden”both provide the platform and set the rules for it, giving them an unfair advantage in terms of competition.

To avoid this, the EU wants to support open source projects and attract tech start-ups to the region. The document calls on Member States to help fund new Metaverse projects to “test new business models” and build pan-European “technology hubs” through public-private partnerships.

“The EU must act now to become a major player.” [in the metaverse]’ said the policy document.

The draft document, due to be presented by EU Vice-President Margrethe Vestager in Strasbourg next week, also calls for guiding principles for the European Union. Developing the necessary technical skillsand an “exchange platform” to be established to enable researchers to discover new trends in growth and innovation.

But the Metaverse isn’t the only technology race the EU is currently struggling to catch up on.

last year, EU outlines global standards He helped develop cutting-edge technology to counter the Chinese government’s desire to set its own standards.

China and the US still appear to be the frontrunners.

Daily Chart: Old Wounds

There is a resurgence of Serb nationalists in northern Kosovo after being a focal point in April elections in which an ethnic Albanian won the mayoral office in Kosovo’s majority Serb area.may increase tension jeopardize diplomatic negotiations and security It is located in the western Balkan Peninsula.

payment pending

For months, the government of Prime Minister Giorgia Meloni has hinted that Brussels is on the brink of Roman liberation. Next €19bn tranche of Pandemic Recovery FundItaly requested in December 2022.

That chorus of imminent arrivals of funds is likely to ring through this summer, after the Meloni government rejected Brussels’ offer of partial benefits. write Amy Kazmin.

Background: Italy’s ambitious €200bn recovery program is key financial soundness, to meet deficit targets, improve GDP growth potential and alleviate heavy debt burdens. Roma needed to reach 55 “milestones and targets” in the second half of 2022 to unlock the €19 billion third tranche.

However, the city of Brussels has questioned Italy’s €300 million project to build accommodation for 7,500 university students, who will find affordable accommodation in the expensive cities where they study. They often struggle to find affordable housing.

Brussels has offered a partial payment, as have Lithuania and Romania, although the European Commission is seeking further information necessary to “assess” Italy’s performance on the project.

But Mr. Meloni has decided that the political perspective of late payments is preferable to withholding some funds and making partial payments, which his rivals see as the government struggles to meet its goals. It may be used as evidence that

Meanwhile, an Italian newspaper article accused the city of Brussels of stubbornness and overly targeted questions, suggesting that small student housing projects should not be allowed to delay full payment. there is

More uncertainty lies ahead: the Meloni government has not requested the €16bn 4th subsidy to reach its target in the first half of 2023, citing long delays.

Rather, the government is putting all its efforts into About redesigning the planHopefully this will win the support of Brussels and avoid a future holdup.

what to see today

  1. Officials from Turkey, Finland and Sweden will meet at NATO to discuss the latter’s application for membership. press statement 4:30 pm.

  2. The European Commission releases a report on strategic foresight.

go read these

Britain after Brexit — Stay on top of the latest developments as the UK economy adapts to life outside the EU.sign up here

Trade secret — A must-read book on international trade and changes in globalization.sign up here

Enjoying Europe Express? Register here Delivered directly to your inbox every weekday at 7am CET and Saturday at noon CET. Please let us know what you think. Please let us know what you think. europe.express@ft.com.Get the latest from Europe @FT Europe

https://www.ft.com/content/626dd909-4d44-4a76-8389-b0b031ca45e8 Why the EU Wants to Create a European Metaverse

Exit mobile version