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Australia, the United Kingdom and Germany work together to counter the monopoly of technology giants

Australia, the United Kingdom and Germany work together to counter the monopoly of technology giants

Competition regulators from Australia, the United Kingdom and Germany have signed cooperation agreements to prevent the monopolies of large companies, especially technology giants, which will reduce corporate mergers and bring them more closely monitored.

The Australian Competition and Consumer Commission (ACCC), the Competitiveness and Market Organization of the United Kingdom (CMA) and finally the regulation of market competition in Germany by signing a new memorandum, Is supposed Take measures and programs in order to accurately and effectively implement the merger of companies.

The memorandum refers to this issue:

“The purpose of this cooperation is to ensure the review and evaluation of market transactions and prevent the emergence of space for anti-competitive activities so that consumers can have the services they need at a lower price and higher quality and in a healthy competitive environment, products and services “Present themselves innovatively and creatively.”

These institutions believe that without strong control mechanisms, there is a strong risk of monopoly that weakens the market. Meanwhile, some technology giants are making the most of the space created. In such cases, the need for the presence of legislative bodies can prevent such problems.

Attention to the category of anti-competitive mergers in such markets is very important and can cause significant harm. Technology markets are one example of highly concentrated markets that face such problems, and a solution must be found to solve such problems. In such markets, market power usually falls exclusively into the hands of one of the large companies, and this situation can have negative consequences and destructive effects, even in the long run.

The coalition committee intends to have strict control over the merger and is referred to as a line of defense against current market conditions. The coalition says that sometimes even a seemingly small deal can negatively affect a competitive market trend and have a detrimental effect in the long run.

The need to focus on the transparency of corporate integration, especially in dynamic markets such as the digital realm, is of particular importance and serious action needs to be taken.

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