The Schrems II judgment has massive implications for the globally connected German economy. Legal uncertainties regarding international data flows hamper trade, the exchange of data and economic cooperation, all of which are crucial for sustaining and restoring the downtrodden economy.
In the long run, we need a stable political solution
As early as last September, German trade associations wrote an open letter calling for a measured implementation of the European Court of Justice’s Schrems II judgment and for a political solution. But even though talks about an enhanced EU-U.S. Privacy Shield framework have resumed, there is still no concrete proposal on the table. Until that happens, the business community calls upon regulators to make better use of the room for interpretation inherent in the General Data Protection Regulation and provide companies with useful guidelines.