EU seeks new powers to penalize tech giants: FT

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© Reuters. Internal Commissioner Thierry Breton talks to journalists during an online news conference at the EU headquarters in Brussels

(Reuters) – The European Union wants to arm itself with new powers to penalize big companies, the Financial Times reported on Sunday.

The proposed plan includes forcing 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, in an interview with the FT, 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.

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Source: Investing.com

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