According to CoinDesk, policymakers from the Group of Seven (G7) advanced nations have agreed to collectively scan for early warning signs of developments that may reduce competition in digital markets. The announcement came after the G7 Competition Authorities and Policymakers’ Summit in Hiroshima, Japan, where concerns arising from digital markets were discussed. The U.S. Justice Department’s Antitrust Division and the Federal Trade Commission participated in the summit.
The communiqué highlighted that digital markets can present competition concerns, with network effects, economies of scale, digital ecosystems, and accumulations of large amounts of data potentially leading to increased barriers to entry, tipping, and dominance. The G7 emphasized the importance of understanding emerging technologies to take swift and proportionate action to prevent harm. The meeting produced three documents, including an inventory of new rules for digital markets prepared by the Organisation for Economic Co-operation and Development (OECD) and an analytical note meant to be read with the inventory. Participants committed to sharing updates on legal reforms, policy advances, institutional changes, and enforcement developments to protect competition in digital markets.