According to The Wall Street Journal…
“The European Union could create a powerful new regulator to oversee a swath of mainly U.S.-based Internet companies, according to an internal document.”
The plan, first reported by The Wall Street Journal’s Tom Fairless, was given to European Union digital commissioner Günther Oettinger as a warning to start the oversee of online power-houses like Google, Amazon and Facebook.
The concern is that the rapid pace of change in modern global economy is leading to many businesses — especially internet-based ones — becoming of international “systemic importance,” and that, “only a very limited part of the economy will not depend on them in the near future”.
With a handful of internet giants dominating their markets and becoming increasingly powerful, the concern is valid. According to The Guardian…
“A lack of action, it warns, “may lead to a point of no return”, where the economy becomes irrevocably tied to a few major companies.”
As of now, no new European regulator or commission has been created for the purpose of regulating these large internet-based companies specifically, but the leaked document is likely an indication that one is on its way.
Read more here from The Guardian.