Moreover, new businesses such as the sharing economy, can also be made possible by utilizing big data for connecting various idle resources and needs scattered all over the economy.
However, a properly functioning fiscal union would depend on the member states transferring a substantial degree of national sovereignty to the community level by giving the community the necessary right to at least intervene in the event of unsound public finances. Transferring sovereignty on this scale would be a radical change that would require wide-ranging legislative changes nationally and at the European level.