G7 policymakers agree to collectively look for early warning signs of developments that could reduce competition in digital markets

Policy makers of the G7 (Group of Seven) have agreed to collectively search for warning signals that may reduce competition in the digital market and have released a statement this week. "Against this backdrop, G7 competition authorities and policy makers are scanning markets for early warning signs of conduct or market factors that may make markets tip towards harm to competition or lessen competition, and identifying key technologies and issues that may give rise to competition concerns in the future." The statement said, "Digital markets may bring competition issues." Markets characterized by network effects, economies of scale, digital ecosystems, and massive data accumulation are prone to creating barriers to entry, overturning, and dominance.