EU's Digital Markets Act: Experts Urge Balance for Success
The EU's Digital Markets Act (DMA) is a crucial piece of legislation aiming to promote fairness and competition in the digital economy. The EU High-Level Expert Group has advised the European Commission on its development and implementation, emphasising the need for a balanced and effective approach.
The group stressed the importance of a proportionate enforcement framework, with reasonable deadlines and fines. This encourages swift compliance without burdening companies with excessive penalties. They also highlighted the significance of regulatory dialogue, allowing stakeholders to understand and adapt to the DMA's requirements.
The experts identified three key ingredients for the DMA's success: regulatory dialogue, adjustment mechanisms, and a proportionate enforcement framework. These elements should work together to ensure the DMA is effective and flexible enough to adapt to the fast-changing digital landscape. However, the group warned against setting high fines and short timelines alongside strict rules, as this could lead to overcompliance and unintended consequences.
The Digital Markets Act's success hinges on striking the right balance between precision and flexibility. By incorporating regulatory dialogue, adjustment mechanisms, and a proportionate enforcement framework, the EU can create a digital market that fosters innovation, fairness, and contestability.
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