MECHELEN: To find companies that may be using software to fix prices, EU regulators may create their own algorithms. European Competition Commissioner Margrethe Vestager said that it’s now easy for price collusion to occur, Reuters reported.
“It is a hypothesis that not all algorithms will have been to law school,” Vestager said at an event on Friday (May 4). “So, maybe there is a few out there who may get the idea that they should collude with another algorithm who haven’t been to law school either. So, of course, we would like to have our own algorithms to be out there, looking into the market, figuring out if there has been collusion taking place.”
Through an inquiry in 2017, the European Commission discovered that two-third of retailers use software tools to monitor prices from their competitors. And, while it’s not entirely clear if those that make and use the algorithms can be responsible for collusion, Vestager has reportedly commissioned a study on the matter.