A PYMNTS Company

Denmark Opts for New EU Commissioner, Ending Vestager’s Decade-Long Antitrust Reign

By  |  August 18, 2024

Margrethe Vestager, the formidable EU antitrust chief known for her aggressive stance against major US tech companies, will not return for a third term as the European Union’s competition commissioner. According to sources cited by The Financial Times, the Danish government has decided to nominate a different candidate to represent Denmark as the European Commissioner.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Vestager’s departure marks the end of a significant chapter in the EU’s antitrust policy. Over the past decade, she became a highly influential figure in Brussels, known for imposing hefty fines on tech giants such as Google and Apple. Her firm approach earned her both praise and criticism, with Apple CEO Tim Cook famously dismissing one of her rulings as “total political crap,” while former U.S. President Donald Trump labeled her the EU’s “tax lady.”

    The decision not to re-nominate Vestager comes as no surprise to some in Denmark. Per The Financial Times, the Social Liberal party, to which Vestager belongs, suffered a major defeat in the 2022 Danish elections and is no longer part of the ruling coalition. As one former minister from a coalition party bluntly stated, “Vestager is out. Nobody owes her anything.”

    Vestager’s influence within the EU has waned in recent years, despite her earlier successes. Mounting legal challenges to her rulings, as well as internal EU politics, have weakened her position. A notable setback came when French President Emmanuel Macron opposed her bid to lead the European Investment Bank, an obstacle that further diminished her standing in Brussels.

    Read more: Vestager Steps Down, Reynders Takes Charge of EU Competition Policy

    Despite these challenges, Vestager’s legacy is formidable. Starting in 2017, she pursued Google with a series of antitrust decisions that culminated in fines totaling €8.25 billion. These actions, along with her support for the Digital Markets Act, have reshaped the regulatory landscape for tech companies operating in Europe. According to antitrust lawyer Ken Daly, the US has recently followed Europe’s lead in taking robust enforcement actions against digital giants, a shift that might not have occurred without Vestager’s early efforts.

    Vestager’s journey in politics began in Denmark, where she gained prominence after the 2011 elections by navigating complex coalition talks to become Minister for Economic and Internal Affairs. Her move to Brussels in 2014 marked the beginning of a decade-long tenure as the EU’s competition commissioner, during which she played a key role in shaping the European banking union and other major policy initiatives.

    Her tenure also inspired popular culture, with some claiming that she served as the model for Birgitte Nyborg Christensen, the fictional Danish prime minister in the hit Netflix series Borgen.

    As Vestager prepares to leave her post, speculation about her successor is already underway. The Financial Times reports that several candidates are being considered, including Belgian commissioner Didier Reynders, Dutch commissioner Wopke Hoekstra, and French commissioner Thierry Breton. Whoever takes on the role will have big shoes to fill, as Vestager’s impact on EU competition policy is likely to be felt for years to come.

    With Vestager’s future plans still unclear, the EU will soon turn the page on one of its most influential figures in recent history.

    Source: The Financial Times