Given the increasing role of data in the digital economy, described in the literature by the so-called 'data driven business models', the economic impact of data protection regulation has become key. The role of privacy as a differentiation factor on the markets, the mitigation of negative externalities for individuals and dissuasive enforcement response need to be tacked by data protection authorities from an economic perspective. In this regard the policy objectives of other regulatory bodies shall be taken into account, as a new generation of EU texts are now coming into force.