EU warns of ‘point of no return’ if internet firms are not regulated soon

The European Union is considering the creation of a new regulator with the explicit remit to oversee internet firms such as Google and Facebook, according to a leaked internal document prepared in February.The plan, seen by the Wall Street Journal, was prepared for EU digital commissioner Günther Oettinger, and warns that some digital businesses “are transforming into super-nodes that can be of systemic importance” for the rest of the economy. “Only a very limited part of the economy will not depend on them in the near future,” it argues.

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