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On this occasion, the European Commission has recently published its first annual report on the functioning of the instrument. Transatlantic data flows have a significant economic impact. While the Privacy Shield has been deemed functioning, many questions still need to be re-solved. At our event, we would like to discuss the difficult balancing act between economic interest and data protection, with particular regards to a recent decision from the High Court of Ireland, which has referred the question of the validity of the EU Standard Contractual Clauses to the European Court of Justice. We welcome our speakers Renate Nikolay, Head of Cabinett of Commissioner Vĕra Jourová, and Maika Fohrenbach, Policy Advisor at the American Chamber of Commmerce to the EU.