Upgrade for EU antitrust rules, more funds for digital projects

European Commission

The European Commission will revise its own antitrust principles to keep up with global changes and invest a fifth of its 750-billion-euro (approximately $890 billion) coronavirus pandemic recovery fund in digital projects to make sure it takes the lead in technology, its head has said.

President Ursula von der Leyen’s comments on upgrading the bloc’s contest rules regulating billion-euro mergers, state aid to firms and ensuring international businesses play fair highlight pressure from Germany and France to adopt a much more defensive policy.

“We presented our new industry strategy in March to ensure industry could lead the twin green and digital transition. The last six months have only accelerated that transformation — at a time when the global competitive landscape is fundamentally changing,” von der Leyen informed EU lawmakers.

“This is why we will update our industry strategy in the first half of next year and adapt our competition framework, which should also keep pace,” she explained.

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Von der Leyen said the EU would spend 20 percent of its COVID-19 recovery finance in digital projects and 8 billion euros within the next generation of supercomputers.

“We want to lead the way, the European way, to the Digital Age: based on our values, our strength, our global ambitions,” she explained.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Foo Yun Chee. Editing by Robin Emmott and Marine Strauss.

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