Will the EU step in to regulate Amazon, Facebook and Google in 2018? Blackstone’s Byron Wien said it could be a possibility.
Wien releases his “Ten Surprises” every year. This year, the 33rd year of surprises, he has 16 predictions about economic, financial market and political surprises to come.
One of Wien’s yearly predictions, the one most interesting for Europeans, is number 15 which says that:
“The regulatory authorities in Europe and the United States finally get concerned about the creative destruction of Internet-related businesses. As a result of pressure from retailers and traditional media companies, they begin an investigation of anti-competitive practices at Amazon, Facebook and Google. The public begins to think these companies have too much power.”
In short, Wien says the EU will get fed up with big tech companies and try to regulate them. He thinks, in 2018, the power of these companies will be too wide-spread and something will need to be done to rope them back in.
Other interesting predictions include China cutting off all food and fuel shipments to North Korea in the hopes of suspending the country’s nuclear development program, both NAFTA and the Iran Agreement enduring despite the fact that Trump has “railed against them” and the US Republicans losing control of both the House and the Senate in the November election.