German Economy Minister Argues Against “International Monopolies” In The Platform Economy

A “well-regulated” platform economy should allow for small and medium-sized enterprises to compete fairly and should not lead to the formation of “international monopolies,” German Economy Minister Peter Altmaier said on Tuesday, 7 July, reported Euroactiv. 

Speaking to members of the European Parliament’s Internal Market Committee about the German EU Presidency’s priorities over the next six months, Altmaier pitched competition law as the best solution to guarding against market monopolisation, and he also registered his support for ex-ante controls in the area.

“The platform economy for consumers, if it’s well regulated, has great potential value-added in terms of transparency in decision making…but it can only work if it doesn’t lead to international monopolies on the part of individual, large companies,” Altmaier said.

“It’s important that in Europe we consider and reflect on how we provide our companies with the possibility to be successful in the platform economy.”

Altmaier added that in the context of “reducing our dependence on American monopolies,” the EU should control the takeover of startups more strongly in the future, in addition to putting in place ‘ex-ante’ controls that help to foster digital competitiveness.

His comments come as the European Commission is mulling over feedback issued as part of a series of public consultations on how the future platform economy could be regulated.

Full Content: EurActive

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