Receive free updates on tech regulations in the European Union. We will send you a daily email summarizing the latest EU tech regulation news. This article is an on-site version of our Europe Express newsletter. Subscribe here to receive the newsletter directly in your inbox every weekday and Saturday morning.Good morning! In today’s edition, our competition correspondent delves into the EU metaverse (or at least Brussels’ ambitious plans to create a metaverse worth visiting), and our Rome bureau chief provides an update on Italy’s ongoing wait for pandemic recovery funds.EUniverseThe EU is determined to establish its own metaverse or metaverses to challenge American tech giants, according to Javier Espinoza. The concern stems from Brussels’ recognition of the current internet landscape being dominated by a handful of American behemoths, such as Facebook-owner Meta. In response, regulators in Brussels have unveiled a comprehensive strategy to enhance the EU’s competitiveness in the virtual realm.A policy paper, reviewed by the FT, proposes the elimination of “walled gardens” by implementing common standards between platforms to ensure compatibility among them. The objective is to prevent a few companies from setting the de facto standards in the metaverse, as American tech giants have done thus far.One key battle against Big Tech has focused on the “walled garden” approach employed by companies like Apple and Google. This approach grants them control over both the platform and its rules, resulting in unfair advantages from a competition perspective. To counter this, the EU aims to support open source projects and attract tech startups to the region. The policy paper also calls on member states to finance new metaverse projects to explore new business models and establish a pan-European “tech hub” through public-private partnerships.”The EU should act now to become a major player in the metaverse,” stated the policy paper.The draft document, set to be presented by the EU’s executive vice-president Margrethe Vestager in Strasbourg next week, also calls for guiding principles on the development of necessary tech skills and the establishment of an “exchange platform” for researchers to identify emerging trends and innovations. However, the metaverse competition is not the sole tech race the EU is keen to catch up on. Last year, the EU outlined global standards for cutting-edge technology development in response to China’s self-setting benchmarks. To this day, China and the US remain the frontrunners.Chart du jour: Old woundsSerb nationalists are making a comeback in northern Kosovo after a disputed election in April resulted in ethnic Albanians winning mayoral posts in the majority-Serb region of Kosovo. These tensions could jeopardize diplomatic talks and security in the western Balkans.Payment pendingItaly’s Prime Minister Giorgia Meloni’s government has been hinting at an imminent release of the country’s next €19bn tranche of pandemic recovery funds, requested by Italy in December 2022. However, this expectation may last through the summer after Meloni’s government rejected Brussels’ offer of a partial payout, as reported by Amy Kazmin. Italy’s ambitious €200bn recovery program is crucial for its financial stability, meeting deficit targets, raising GDP growth potential, and alleviating its heavy debt burden. Rome must fulfill 55 “milestones and targets” in the second half of 2022 to unlock the third €19bn tranche. However, Brussels has raised concerns about Italy’s execution of a €300mn project to provide affordable accommodation for 7,500 university students in expensive cities where they study. While the European Commission seeks more information to assess Italy’s performance on this project, it did offer a partial payout, similar to those given to Lithuania and Romania.Meloni, however, opted for a delayed payment rather than receiving a partial payment with some funds withheld, which her rivals could use as evidence of the government’s failure to meet targets.Meanwhile, Italian newspapers are blaming Brussels for being obstinate and overly critical, arguing that delays should not occur for just one small student housing project. More uncertainty lies ahead as Meloni’s government has not requested the fourth tranche of €16bn, earmarked for goals to be achieved in the first half of 2023, due to its significant lag thus far. Instead, the government is focusing on redesigning the plan to garner Brussels’ support and avoid future delays. What to watch todayOfficials from Turkey, Finland, and Sweden will meet at NATO to discuss Sweden’s membership application. A press statement will be released at 4:30 pm.The European Commission will present its strategic foresight report.Now read theseRecommended newsletters for youBritain after Brexit — Stay up to date with the latest developments as the UK economy adjusts to life outside the EU. Subscribe hereTrade Secrets — A must-read on the changing face of international trade and globalization. Subscribe hereAre you enjoying Europe Express? Sign up here to receive it directly in your inbox every workday at 7 am CET and on Saturdays at noon CET. Please let us know your thoughts; we would love to hear from you: [email protected]. Stay updated on the latest European stories @FT Europe.
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