Europe is preparing for ‘IT business war’ with Silicon Valley
European Commissioner for Competition Margret Vestager opposes the dismemberment of Silicon Valley companies, Business Insider reported.
Calls for the “destruction” of global technology corporations, depriving them of absolute power, are increasingly heard in the United States by democratic politicians.
One of the most famous supporters of this strategy is US Presidential candidate Elizabeth Warren, who claims that Google, Amazon, Facebook and Apple have literally destroyed fair competition.
In March this year, Warren announced that if elected, her administration would transform the technology sector of the US economy, which would include the “destruction” of Amazon, Facebook and Google. According to Västäger, however, in order to interact with major IT companies, a new tactic needs to be devised.
The European Commissioner noted that in order for the destruction of companies to appear on the agenda, there must be a serious threat or violation of the law on their part, this is not yet observed. She added that she did not rule out this situation in the future, but did not support the Valley’s breakdown so far: “Our problems with it are not so great that their destruction is the only solution.”
Margret Vestager added that regulating large technology companies with the tools available to most regulators, such as fines and oversight, only “partially solves the problem”. Vestager also made an analogy with the mythical creature – the hydra that Hercules fought. “When you cut off one head, another one grows, or two or seven more. That is why there is a danger not only of solving the problem but of increasing it,” the politician said.
Alternatively, the European Commissioner suggested that large IT companies, which have reached a certain size and influence in their field of activity, have additional responsibilities. She also said that calls for regulation by big tech companies known for their dishonest practices, such as illegal data collection, should come from ordinary consumers.