You may be hearing about EU-US Safe Harbor discussion in the news. At risk is the multinational companies ability to store and process EU data in the US. Companies like Apple, Facebook, and Google provide EU services through computers located in the US. Data is sent from EU to the US under the auspices of the EU-US Safe Harbor agreement.
October 6, 2015 the Court of Justice for the European Union (ECJ) ruled the Safe Harbor agreement invalid which places all EU data sent to the US in jeopardy.
“…the law and practice of the United States do not offer sufficient protection against surveillance by the public authorities of the data transferred to that country”  Court of Justice of the European Union
The ECJ recommended where protections cannot be guaranteed, “suspending the contested transfer of data”. The only way US businesses can guarantee adequate protections for EU data is for the US government to develop laws protecting EU data from US government warrantless surveillance programs. Without such transparency measures the only choices for Internet bellwethers are, develop new data centers within the EU for EU data, or pull the plug on the EU. Either option is not very tenable for US multinationals or citizens of the EU.
Even if Internet bellwethers underwrote efforts to build EU data centers it’s not clear EU data will be safe from US government overreach. In a developing case between Microsoft and the US government, the government contends it has the right to demand the email of anyone in the world so long as the provider is headquartered within the US . Presumably, the legal precedent established for email would apply more broadly to all data. I have been covering developments in this area over the last couple of years  for interested readers.
 Securitycurmudgeon.com, Balkanization of US Products and Service Technology Accellerates
 Securitycurmudgeon.com, A Crisis of Confidence Costs Real Money
 The Register, US tries one last time to sway EU court on data-slurping deal
 Politico.eu, Court of Justice of the European Union, PRESS RELEASE No 117/15, Luxembourg, 6 October 2015 [pdf]
 Reuters, Europe-U.S. data transfer deal used by thousands of firms is ruled invalid
 Guardian, Microsoft case: DoJ says it can demand every email from any US-based provider
Image: Wikipedia, EU Flag