Online platforms have transformed the way we live and work and, as a result, platform operators have become some of the world’s leading brands. But the EU is concerned that Europe is not currently keeping pace with the U.S. and Asia in creating these tech giants. The European Commission, keen to stimulate European innovation and growth in this sector, triggered a review of the existing regulatory framework as part of its Digital Single Market initiative.

Following a year-long consultation, the Commission has concluded that new regulation is not required. It believes that existing EU rules are sufficient to deal with online platforms, and it does not intend to introduce any new laws unless and until any specific problems are identified (and only then if it is established that better enforcement of existing rules won’t address those problems). In some circumstances, a reassessment of existing rules could actually result in a reduction in regulation.