Data is powering Europe’s economy. The cross-border transfer of data is now essential to grease the wheels of all trade in Europe and, without it, the level of exchange would rapidly decline. However, restrictions on the cross-border transfer of data has been growing and, in some countries, they are deliberately used to prevent commercial exchange. Given the specific nature of data transfers and their increasing importance, there have been various ideas for how to protect the freedom to transfer data in the EU. One is to make data the Fifth Freedom of the EU. Is it time for a new freedom in Europe?