FT News Briefing EU’s Andreas Schwab responds to White House criticism of EU tech regulation
Jul 12, 2021
The Delta variant raises concerns about Europe’s economic recovery and the effects of renewed restrictions. A key EU lawmaker discusses the Digital Markets Act, aiming to regulate major US tech companies amidst criticism of being anti-American. Meanwhile, the tech startup scene flourishes, as record numbers of 'unicorns' emerge, driven by low interest rates. Plus, a noteworthy achievement in space exploration adds an exciting twist to the tech narrative.
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EU's Digital Markets Act
- The EU's Digital Markets Act targets large tech companies, focusing on the biggest five.
- The Act aims to curb their market power, addressing concerns of anti-competitive behavior.
Telecoms Regulation Precedent
- Andreas Schwab, involved in the EU's telecoms industry regulation, uses this experience to inform the tech regulation debate.
- He argues that the telecoms industry didn't suffer stifled innovation after regulation, and consumers benefited.
Unicorn Boom
- A record 136 startups achieved unicorn status (valued at $1B+) in Q2 2021, exceeding the total for all of 2020.
- This surge is driven by abundant capital seeking higher returns in a low-interest-rate environment.