Key EU lawmaker eyes April pact on rules to rein in tech giants
STRASBOURG (Reuters) – Landmark European rules aimed at limiting the power of U.S. tech giants could be agreed between lawmakers and EU countries as early as April, with sticking points expected to be resolved in the coming weeks , said a key lawmaker leading the talks. Tuesday.
Known as the Digital Markets Act (DMA), the rules proposed by EU antitrust chief Margrethe Vestager just over a year ago set out a to-do list and don’ts for online gatekeepers – the companies that control data and access to their platforms – bolstered by fines of up to 10% of global revenue.
The DMA targets Apple, Google’s Alphabet unit, Facebook’s parent company Meta, Amazon and Microsoft. It must be approved by EU lawmakers and EU countries before it can become law.
Lawmaker Andreas Schwab, who has already had two meetings with EU countries on the subject and has scheduled a third on March 1, said he was optimistic that a deal could be struck in what would be a while. record for a key piece of legislation.
“We still want to finalize this at the end of March, beginning of April,” Schwab told Reuters in an interview.
However, he said the two sides were at odds over the role of the European Commission, with lawmakers insisting that the EU executive be the sole enforcer and have veto power, while EU countries want the national watchdogs to have more say and no veto power for the Commission.
Schwab said lawmakers would not compromise on a proposal that would allow regulators to impose structural remedies such as breaking up any tech giant that breaks the rules, even if EU countries are not there. not favorable.
Still, there is room for compromise, he said, with all parties keen to adopt rules that could set a global standard.
(Reporting by Foo Yun Chee; Editing by David Holmes)