The EU Does More Than Send US Big Tech to Court; It Sends Messages Too
October 2, 2025
This essay is the work of a dumb dinobaby. No smart software required.
The estimable but weird orange newspaper published “EU to Block Big Tech from New Financial Data Sharing System.” The “real” news story is paywalled. (Keep your still functioning Visa and MasterCard handy.)
The write up reports:
Big Tech groups are losing a political battle in Brussels to gain access to the EU’s financial data market…
Google is busy working to bolt its payment system into Ant (linked to Alibaba which may be linked to the Chinese government). Amazon and Meta are big money outfits. And Apple, well, Apple is Apple.
Cartoon of a disaster happily generated by ChatGPT. Remarkable what’s okay and what’s not.
The write up reports:
With the support of Germany, the EU is moving to exclude Meta, Apple, Google and Amazon from a new system for sharing financial data that is designed to enable development of digital finance products for consumers.
The article points out:
In a document sent to other EU countries, seen by the Financial Times, Germany suggested excluding Big Tech groups “to promote the development of an EU digital financial ecosystem, guarantee a level playing field and protect the digital sovereignty of consumers”. EU member states and the European parliament are hoping to reach a deal on the final text of the regulation this autumn. [Editor’s Note: October or November 2025?]
What about the crypto payment systems operating like Telegram’s and others in the crypto “space”? That financial mechanism is not referenced in the write up. Curious? Nope. Out of scope. What about the United Arab Emirates’ activities in digital payments and crypto? Nope. Out of scope. What about China’s overt and shadow digital financial activities? Nope. Out of scope.
What’s in scope is that disruption is underway within the traditional banking system. The EU is more concerned about the US than the broader context of the changes it seems to me.
Stephen E Arnold, October 2, 2025
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