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Europe isn’t making things easier for Big Tech
If Facebook and Google come out of their FTC lawsuits unscathed, their problems won’t end. The EU proposed new legislation Tuesday that industry analysts say is “the most aggressive legislative effort” targeted at Big Tech yet.
The legislation concerns Google, Facebook, Apple, and Amazon: Titled the Digital Services Act and Digital Markets Act, the bills would require companies to remove content deemed harmful by the EU and to adhere to a set of rules designed to prevent unfair competition. For example, CNN explains, the tech giants could not use data obtained from other businesses to compete with them.
The punishments are severe: The EU could fine companies as much as 6% of their annual global revenues if they don’t comply. Continued noncompliance could lead to bans.
But the rollout will be almost as slow-moving as an antitrust case
Tech companies are expected to push back. The proposals may take years before they become law and be watered down in the process.
As with the antitrust cases, the EU proposals put pressure on Big Tech. Companies like Facebook and Google may choose to compromise before anything drastic occurs.