The European Commission (EC) has unveiled detailed plans to create a Digital Single Market, saying “Europe must embrace the digital revolution and open up digital opportunities for people and businesses.”

The Digital Single Market Strategy proposes actions that will improve both consumer and business access to digital services and e-commerce across the EU. There are 16 key actions under three pillars which the Commission will deliver by the end of 2016. The three pillars are:

1. better access for consumers and businesses to digital goods and services across Europe
2. creating the right conditions and a level playing field for digital networks and innovative services to flourish
3. maximising the growth potential of the digital economy.

Some of the proposals that will affect corporate treasury include changes to European VAT regimes, better technology and solutions for online network security, a European Cloud initiative and defining priorities for standards and interoperability. Specifically, the EC's strategy proposed to:

• reduce the administrative burden businesses face from different VAT regimes
• a partnership with the industry on cybersecurity in the area of technologies and solutions for online network security
• a European Cloud initiative covering certification of cloud services, the switching of cloud service providers and a "research cloud".
• define priorities for standards and interoperability in areas critical to the Digital Single Market

The EC highlighted several figures that underline why a Digital Single Market for the 28 EU nations is needed. The figures include:

• only 15% of EU citizens shop online from another EU country
• only 7% of EU SMEs sell cross-border
• EU cross-border online services represent only 4% of today's digital market. The remainder are national online services (42%) and US-based online services (54%)
• a Digital Single Market can create up to €415 billion in additional growth, hundreds of thousands of new jobs, and a vibrant knowledge-based society
• small online businesses wishing to trade in another EU country currently face around €9,000 in extra costs for having to adapt to national laws.

Commissioner for the Digital Economy and Society Günther H. Oettinger said: "Our economies and societies are going digital. Future prosperity will depend largely on how well we master this transition.”