Google win vindicates EU regulator; and moves to end the liquidity crunch in US Treasury market

MLex Market Insight

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4.9 • 9 Ratings

🗓️ 12 November 2021

⏱️ 28 minutes

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Summary

There’s no getting around it: This week’s EU court ruling upholding the European Commission’s 2.42 billion euro antitrust fine against Google is a vindication of the enforcer’s decision to go after the tech giant over online shopping services. The fight may not be over — the decision by the lower-tier court may yet be appealed. But the Commission, which now has additional powers to reign in Big Tech, is likely to see the win as proof it was right to take on Silicon Valley. Also on today’s podcast: liquidity in the US Treasury market. Regulators are now discussing ways to ensure that the deeply dysfunctional debt-securities market never again faces the liquidity crunch of the March 2020 Covid-19 stampede.

Transcript

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0:00.0	Hello again. Great to be with you. Thank you for loading up and tuning in to
0:14.7	into Emlex's weekly podcast. My name is James Panicki. I'm Emlex's Asia Pacific Senior
0:19.9	Editor. And, well, it was one of those weeks,
0:22.9	wasn't it? The much-anticipated EU court ruling on the Google Antitrust case was handed down,
0:29.5	marking the culmination of years of reporting for our Brussels-based team. And there was so much
0:35.4	detail to make sense of, it turned out to be a significant moment in
0:39.4	history in the regulation of big tech. Meanwhile in the US, the discussion over whether lawmakers
0:45.9	need to do more to tackle transparency and liquidity in the treasury market has ramped up
0:52.0	following the stampede to redeem treasuries for cash during the
0:56.2	2020 COVID-19 shock. And Neil Rowland will join us in the second part of today's podcast to make
1:02.7	sense of those developments. But let's get stuck into the Google ruling right now. You'll have
1:08.2	seen the headlines already. The EU court has confirmed the
1:12.3	European Commission's 2.42 billion euro fine. Competition Commissioner Magrita Vestaya
1:18.4	has emerged strengthened and vindicated. The Commission is now looking forward at how to
1:24.0	translate this win into tighter regulation of tech companies. Lewis Crofts is
1:29.6	Emlex's editor-in-chief. He's in Brussels and he has been working on this story and he's with us right now.
1:36.5	So, Lewis, firstly, in very broad terms, just how big a win was this for the commission?
1:43.5	There's no doubt about it.
1:44.7	This is a huge victory for the European Commission.
1:47.2	This was to cast your mind back at a time when it wasn't the cool thing to do to take on big tech.
1:54.5	The European Commission launched a case against Google, the first ever case.
1:59.2	It was the trailblazer.
	...

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