A Critical Review of the EU’s Digital Markets Act - Possible Impacts on the Digital Economy -
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The recent development of dynamic technologies has affected governmental policies on the digital economy. This has also led to rapid progress on the enactments of new approaches to the business models of large online platforms in the global market. In particular, the stringent approaches of the EU against large platforms appear imperative. The European Commission’s vigorous applications of Article 102 TFEU explain its concerns over the economic concentration of large platforms. Facing this issue, the European Commission has recently proposed for the Digital Services Act and the Digital Markets Act (DMA) to ensure appropriate functioning of the European market. Its proposals have been severely discussed around the world. It is meaningful to examine the DMA and discuss whether the DMA can be considered as a global trend in competition law. We also need to consider possible applications of the DMA to Korean firms because of the increasing expansion of competition law in the global market. Due to the absence of a clear-cut case of market definition with respect to online platforms, the European Commission proposes the DMA to avoid a heavy burden of proof. However, a radical change to the existing competition rules may bring negative effects on the market and economy. Therefore, competition policymakers need to consider the importance of dynamic efficiency and competition for the market in the cutting-edge digital economy. Lastly, online platforms can improve consumer welfare. We should consider the priority of consumer welfare standards that cover low price, high quality, wide choice, better innovation and privacy. This article aims to discuss various issues within the DMA, thereby to provide suggestions for future competition policy.
Abstract
The recent development of dynamic technologies has affected governmental policies on the digital economy. This has also led to rapid progress on the enactments of new approaches to the business models of large online platforms in the global market. In particular, the stringent approaches of the EU against large platforms appear imperative. The European Commission’s vigorous applications of Article 102 TFEU explain its concerns over the economic concentration of large platforms. Facing this issue, the European Commission has recently proposed for the Digital Services Act and the Digital Markets Act (DMA) to ensure appropriate functioning of the European market. Its proposals have been severely discussed around the world. It is meaningful to examine the DMA and discuss whether the DMA can be considered as a global trend in competition law. We also need to consider possible applications of the DMA to Korean firms because of the increasing expansion of competition law in the global market. Due to the absence of a clear-cut case of market definition with respect to online platforms, the European Commission proposes the DMA to avoid a heavy burden of proof. However, a radical change to the existing competition rules may bring negative effects on the market and economy. Therefore, competition policymakers need to consider the importance of dynamic efficiency and competition for the market in the cutting-edge digital economy. Lastly, online platforms can improve consumer welfare. We should consider the priority of consumer welfare standards that cover low price, high quality, wide choice, better innovation and privacy. This article aims to discuss various issues within the DMA, thereby to provide suggestions for future competition policy.
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