Tech

EU Auditor: Antitrust Investigations Are Too Slow To Control High-Tech Giants

The Associated Press-The EU’s efforts to curb the power of big tech companies such as Google and Facebook through antitrust investigations have taken too long to slow down their effectiveness, reported Thursday. It was.

Meanwhile, the legal measures available to Brock’s competition regulators have not caught up with the digital market, allowing Silicon Valley giants to eliminate their rivals, saying they have enforced EU competition rules over the last decade. A report from the European Court of Auditors surveyed said.

European Union officials have been at the forefront of global efforts to hunt down tech giants, but they have been criticized for long investigations that have resulted in huge but affordable fines for wealthy companies. .. Google is currently appealing a € 2.4 billion ($ 2.9 billion) antitrust fine in 2017 resulting from a survey of shopping search results initiated 10 years ago.

According to the report, antitrust proceedings took an average of four years before a decision was made. Under EU law, antitrust investigations can only be initiated after competition issues have been discovered, the report said.

“This may be too late to tackle the issue of competition, especially in the digital economy.” However, with the exception of EU regulations on mergers, “the Commission is now able to intervene before the issue of competition arises.” I don’t have the tools to do it. ”

Competition rules typically take into account a company’s market share, rate of return, and prices of goods and services, but these traditional benchmarks are difficult to apply to digital companies competing in the market using data and algorithms. “All the consequences that lead to the winner’s take,” he said.

According to the report, consumers can be hurt by the practices of digital companies, but it is difficult for the EU Commission to come up with appropriate remedies for competition issues.

EU competition commissioner Marguerite Vestager, who conducts individual surveys on Amazon, Apple, Facebook and Google, looks to “provisional measures” as a quicker way to stop companies from anti-competitive practices. I started.

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EU Auditor: Antitrust Investigations Are Too Slow To Control High-Tech Giants

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