Over the last several months, companies like Lyft, Uber, and Airbnb have faced significant regulatory hurdles throughout the continent, becoming veritable lightening rods for controversy. But now, the EU is warning against rash action that may have the effect of blocking these firms from doing business in Europe altogether. Jyrki Katainen, the European Commission Vice President for Jobs, Growth, Investment and Competitiveness noted, “We need a coherent approach if we want our dynamic startups to flourish or they will go somewhere else.” Indeed, he added, “Europe’s next unicorn could stem from the collaborative economy.”
Of course, this isn’t to say that the EU is completely on board with some companies’ practices. Katainen also stressed, “It’s clear that the collaborative economy cannot be a way to abuse labor. Neither is it a way to avoid paying tax.”
Still, the EU’s (slight) vote of confidence should come as great news to such companies, which have been plagued by protests, tattling, and regulatory hurdles. Ultimately, the commission’s vice president noted, “We want to keep up, and keep Europe as open as the U.S. for new innovative business models, at the same time as addressing the negative effects.”
Editors' Recommendations
- People may start opting out of the sharing economy as coronavirus fear grows
- New rules could let citizens in one EU country stream digital content in another
- Uber, Lyft, and Airbnb may have a champion in transportation pick Elaine Chao
- Airbnb and other short term rental websites face possible FTC scrutiny
- New EU-US data transfer agreement, 'Privacy Shield,' is made official
