Ursula Gertrud von der Leyen, the EU commission president, proudly announced the creation of a new high tech company in the EU.

The new company, she said, will create “a new search engine, powered by AI, with robots and vaccines and smart phones and could computing and chips but no metaverse”.

The company will be name “Euro Super Tech”. When asked why the company needs to be created by the European Commission and not from a private initiative, the president explained that “it is important for the company to operate freely”.

It’s clear the EU is determined to remain competitive in the high tech field. The president added that it was very important, though, to regulate first. “We are working on strict regulations that will reshape the world. These regulations will need to be applied before the company can fully operate”.

The regulations will be ready by 2027.