Today we took an important hurdle towards European legislation to tackle Big Tech’s market dominance. Facebook is more nervous than ever.
Today, a large majority of the Internal Market Committee in the European Parliament voted in favour of tightening up the Digital Markets Act – the so-called DMA. By doing so we took the final hurdle towards a law that tackles the market power of the largest Big Tech companies.
Zuckerberg & co
If it is up to the negotiators in the European Parliament, all the unfair manipulation practices of Zuckerberg & co. will soon be a thing of the past. Digital ads may no longer be targeted at children, aggressive takeovers will be combated and users will finally have the right to configure their phones and computers the way they want.
Facebook has never been as nervous about legislation as it is now
A year ago, amid worldwide interest, the European Commission presented the DMA. I was the only Dutch person to negotiate this law, which creates eighteen specific obligations to prevent monopolies and prohibit the abuse of power. Companies that do not comply with these obligations can be fined from four to ten per cent of their annual turnover and can also be broken up.
Facebook has never been so nervous about legislation as it is now. In recent months, the company has spent millions of euros on lobbying and a marketing campaign to get European lawmakers to change their minds. But it seems that big money will not win this time.
In December or January, the entire European Parliament will vote on the DMA. On Thursday, national economic ministers will also vote on amendments to the DMA. Once the positions of both the Council and Parliament are known, the EU will have to reach a final agreement this spring under the French EU presidency. The law is expected to enter into force in 2023.
Photo: Anthony Quintano