EU Consults On New Competition Tool To Reign In Big Tech

European Union antitrust regulators are weighing new antitrust powers that could allow them to force changes to how online giants do business.

The European Commission stated Tuesday, June 2,  it wants feedback on “a possible new competition tool” to tackle structural competition problems “in a timely and effective manner.” It suggested new powers that would allow early intervention, before the tipping point when it’s too late for competition to be saved.

Executive Vice-President Margrethe Vestager,  said “The world is changing fast and it is important that the competition rules are fit for that change. Our rules have an inbuilt flexibility which allows us to deal with a broad range of anti-competitive conduct across markets. We see, however, that there are certain structural risks for competition, such as tipping markets, which are not addressed by the current rules. We are seeking the views of stakeholders to explore the need for a possible new competition tool that would allow addressing such structural competition problems, in a timely and effective manner ensuring fair and competitive markets across the economy.”

The possible new powers the EU could force companies to change behavior without imposing fines or making a legal finding that they violate the law. Draft rules could be published later this year, reported Bloomberg.