Regulation

EU Regulators Will Focus On Big Tech In Drafting New Rules

Facebook and EU flag

European Union (EU) regulators plan to target new rules squarely against Big Tech companies like Facebook and Apple, a Financial Times report says.

The new focus, according to European Commission Vice President Vera Jourova, will be particularly on disinformation campaigns, and especially those relating to the coronavirus pandemic.

Jourova, according to FT, said the EU has "to give them more responsibility," and this is the core of the issue right now for the European Democracy Action Plan.

“I have to count with some resistance. Whatever we come up with will create more requirements which will mean more money, more people, more responsibility,” she said, according to FT.

Jourova said the disinformation in question was "manipulative" and "has the potential to create an easy-to-manipulate crowd," FT writes. She said it wasn't about wasting time on "stupid innocent rumors" but more about tackling schemes that aim to ensnare individuals in radical ideologies and distract people overall.

That comes after Facebook has argued for a "one-size-fits-all" approach that would regulate the entire industry. But EU regulators say that kind of approach could be particularly disadvantageous to smaller firms.

As a new Digital Services Act (DSA) is being drawn up, Google argued for less culpability for tech platforms in terms of what content is posted there, saying it should clarify that services aren't liable without knowledge.

Earlier this year, PYMNTS CEO Karen Webster wrote that the demonization of big tech is faulty because it creates adversity with a series of huge companies that, unlike the cable companies of yesteryear, are primarily liked and trusted by consumers. The amount of important services like financial and banking needs met by companies like Amazon, Google and the likes signal that many consumers don't see them as tyrannical or evil, Webster wrote.

And in August, Webster wrote writes that the fear of Big Tech monopolies  is overblown, as most companies are all fighting for the same fields including ridesharing, eCommerce, groceries and more.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

TRENDING RIGHT NOW