In a proposal unveiled on Wednesday, the European Commission argues that it needs new powers to prevent unfair competition in its massive unified market and to preserve the bloc's"strategic autonomy."
The EU executive branch is seeking the authority to scrutinize companies that may be using subsidies from foreign governments to undercut competitors in the bloc. It would also review acquisitions of EU companies by foreign rivals. The Commission also plans to prevent public contracts from being awarded to foreign companies that take government subsidies and then bid on public procurement contracts at below market rates.
The new rules would apply to all foreign firms, including US companies that may be bargain hunting during the economic crisis caused by the coronavirus pandemic. But observers say the proposal's main target is China.
Source: News Formal (newsformal.com)
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