EU seeks new powers to penalize technology giants: FT

EU seeks new powers to penalize technology giants: FT

The European Union wants to arm itself with new powers to penalize big technology companies, the Financial Times reported.

The proposed plan includes forcing tech giants to break up or sell some of their European operations if their market dominance is deemed to threaten the interests of customers and smaller rivals, the newspaper said.

EU Internal Market Commissioner Thierry Breton said the proposed remedies, which would only be used in extreme circumstances, also include the ability to exclude large tech groups from the single market altogether.

EU is set to propose new rules, the ‘Digital Services Act’, by the end of the year.

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