ABSTRACT
The issue explored in this thesis revolves around regulatory intervention in the EU data-driven market. Legislation adopted by the European Union has proved to positively impact the legal order of each Member State. This paper will peruse the mechanics behind the importance of the so far existent regulation governing the EU data-driven market. The data-driven market (also referred to as the data market) is a relatively new market, in which social media platforms, advertising networks and other online service providers conduct their business. In order to sustain more comprehensive research on this topic, this paper will approach this subject from a law and economics perspective. From this premise, the content of this thesis will provide the readers with a law and economics background for regulatory intervention, as well as traverse the way law and economics are intertwined with respect to a certain market and its governing regulation.
This paper will start by defining the market concerned with data. Before diving into the need for regulatory intervention in a certain market, the first step to follow is to clarify the functionality of the market in question, explore its structure, and point out its attributes – some characteristics which will later be evaluated about the data market. The next point of the paper is to offer a definition of regulatory intervention and explain its legal and economic aspects of its mechanics. Consequently, a law and economics analysis of the EU data-driven market will be undergone, with the purpose of underlining the most prominent market failures which have continuously pointed out the need for regulatory interventions from the legislators. Furthermore, this paper will follow the legislative progress which the EU legislators have achieved in the data-driven market (the implementations of the Data Protection Directive, the GDPR, the Digital Markets Act), how this legislation has impacted the market, and whether there is still a need for more regulation, as to fix the predefined failures of the EU data-driven market. This paper will conclude on the importance of regulatory intervention in relation to the European data-driven market, the impact that such legislation has had so far within this market, and the extent to which such legislation has aided the correction of the existent failures of this market.
Coca-Constantinescu, Mihai, Understanding the Need for Regulatory Intervention: The EU Data-Driven Market (June 20, 2023).
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