ECB Joins an Initiative on European Data and Cloud Network
The European Central Bank (ECB) joined Gaia-X, which is a Belgium-based non-profit organization that develops common standards for digital services like cloud services. Gaia-X is an initiative working to help build the European data ecosystem and to allow data to be collected and shared in an environment of trust.
The common standards developed by Gaia-X will enable users of digital services to retain control of their own data. For instance, data owners can ensure that their data are solely stored in Europe and subject to European law. These common standards will make services interoperable, allowing users to combine different digital services in the way that best meets their specific needs. For example, users will be able to store their data with one service provider and analyze those data with the services offered by another service provider. Gaia-X is believed to have the potential to create unprecedented opportunities for innovative, data-driven business models and new solutions to help European industries and companies of all sizes to scale up and compete globally. This move from ECB will support digital transformation of the economy and is in line with the digital strategy of the European Commission. Joining Gaia-X means that ECB will pay a membership fee, contribute its information technology expertise, and participate in the governance of the association.
Twelve significant partners (including companies and associations) were recently awarded to setup and operate the Data Spaces Support Center, which will facilitate common data spaces in different sectors that collectively create an interoperable data-sharing environment. Funded by the European Commission as part of the Digital Europe Program, the project is scheduled to setup and run the Data Spaces Support Center. It includes a consortium of the leading associations and knowledge centers in the domain of data spaces, with a broad membership, an extensive network, national hubs, open-source communities, and data space pioneers. The Support Center explores the needs of the data spaces initiatives, including common requirements, and best practices. It delivers the Data Spaces Blueprint, composed of common building blocks in business, legal, operational, technical, and societal aspects. The Support Centre will support the Data Innovation Board to propose guidelines for common European data spaces, such as cross-sectoral data sharing standards, requirements for security, and access procedures.
The organizational structure of Gaia-X is based on three pillars: the Gaia-X Association, the national Gaia-X Hubs, and the Gaia-X Community. The exchange within, between, and beyond these pillars to other stakeholders (for example, EU Commission, international initiatives) is ensured. Gaia-X Hubs are the central and country-specific contact points for companies, stakeholders, initiatives, associations, and public institutions that want to contribute to the success of the Gaia-X project. The goal is to set up a national Gaia-X hub in each participating country, which will act as a representative of the user ecosystems and provide a central point of contact for interested parties at the national level. Gaia-X promotes and supports an open source community in which all contributors are invited to participate. The goal of Gaia-X is to create an open, transparent, and secure federated digital ecosystem, where data and services adhere to common standards and can be freely and securely built, collated, and shared. Gaia-X was founded by 22 companies and organizations in January 2021, has no business interest of its own, and will develop federation cloud services within the existing cloud infrastructures.
Related Link: Press Release
Keywords: Europe, EU, Banking, Gaia-X, Cloud Service Providers, Data Sharing, API, Open Data, Open Finance, Regtech, Cloud Infrastructure, ECB
Previous Article
Bundesbank Issues Reporting Updates for BanksNext Article
SRB Sets Out Work Priorities for 2023Related Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
