Together with a coalition of organisations committed to the fight against monopoly power in Europe, The Good Lobby has launched a manifesto entitled “Rebalancing Europe: A New Economic Agenda for Tackling Monopoly Power” and aiming at addressing the growing threat of economic concentration in Europe.
Tackling Monopoly Power
Europe is facing a multitude of challenges, an increasingly unstable and fragmented geopolitical order, the accelerating disruptive forces of climate change, the growing power of a few tech monopolies, and a cost-of-living crisis that is driving citizens into distress. Acknowledging the urgent need for action, the signatories of the manifesto affirm that tackling extreme concentrations of economic power is crucial to preserving European democracy and prosperity.
With its series of recommendations, the manifesto charts a course towards a future where economic opportunities are more widely shared, democracy is strengthened and Europe emerges as a beacon of equity and resilience on the world stage.
Key recommendations
- Replacing the outdated approach to competition policy with a paradigm that promotes a robust democracy, a safe digital ecosystem, and an innovative economy.
- Introducing a cross-Commission mandate to tackle economic concentration and supply chain dependence, fostering greater policy coordination and coherence.
- Deploying more structural remedies and bright-line rules in competition investigations to prevent anti-competitive behaviours and exploitative corporate practices.
- Granting the Commission new powers to investigate monopolistic control across entire industries and swiftly impose remedies where necessary.
- Empowering citizens and civil society to participate in the development and enforcement of competition policy, ensuring greater transparency and accountability.
- The manifesto also highlights the global fight against monopoly power, with governments worldwide taking steps to rein in corporate concentration. By embracing a new guiding vision, Europe can lead the charge in fostering a diverse, open, and inclusive economy where wealth and power are distributed widely.
“Rebalancing Europe” calls for a fundamental change in Europe’s approach to competition policy. The current paradigm, characterised by narrow considerations of short-term efficiency gains, is deemed outdated and inadequate. Instead, the manifesto advocates a broader, more flexible approach that puts the interests of citizens ahead of those of big business.
The list of signatories includes The Good Lobby, Open Markets Institute, SOMO, Lobby Control, Balanced Economy Project, Foxglove, Rebalance Now, and Irish Council for Civil Liberties.
Rebalancing Europe Event
In parallel, the coalition is organising an event on Monday 15th from 8:30 to 13:00 (CET) which will bring together leading policy-makers and thinkers on how the next European Commission can put the fight against monopoly power at the heart of its economic agenda.
Speakers will discuss a number of key issues, including: how monopoly power harms consumers, workers and small businesses, sustainable and innovative economy, and what steps Europe could take to democratise technology and rein in today’s dominant tech giants.
More information and registration here: Rebalancing Europe: A new economic agenda for tackling monopoly power Tickets, Mon, Apr 15, 2024 at 8:30 AM | Eventbrite