EU regulators have decided to introduce tougher legislation against the foreign tech giants. They will act in sync to deliver a severe blow to the bewildering monopoly power of the hi-tech giants. Antitrust watchdogs have already prepared a list including up to 20 large companies, largely Silicon Valley giants, which will be subject to new and far stricter rules. With such a step, EU regulators want to curb their market power.
Under the new requirements, large platforms will face more difficulties as the EU will use all tools at its disposal to make this powerful force less formidable. First and foremost, the watchdogs plan to tighten the requirements for foreign corporations in order to maintain fair competition in the market. Reportedly, tech giants will be forced to share data with rivals and to be more transparent in terms of how they gather information. The proposed measures should not only guarantee equal conditions for all participants but also limit the dominance of the digital market giants. The antitrust regulators declare that they do not seek to single out individual companies. They simply want smaller and lesser-known companies to take their own niche in the market. As for customers, they will also benefit from it as they will have an opportunity to buy different goods at favorable prices.
Surprisingly, the US expressed willingness to team up with Europe, saying that IT giants abuse their power. Democrats are calling for a new law that would prohibit owning platforms and simultaneously promoting their products on them. Naturally, Apple with its iOS apps and Google, which has a monopoly in search engines and the advertising market, will be the first to feel the punch.
