IMF warns that tech giants stifle innovation and threaten stability

The International Monetary Fund has warned that the market power exercised by a small number of global companies threatens to stifle innovation and make it harder for central banks to deal with recessions.
Adding its contribution to the growing public debate about the corporate power exercised by the US tech giants such as Google, Amazon, Apple and Facebook, the IMF said it would be concerned if there was any further increase in the clout of already dominant firms.
The IMF said there was a need for stronger competition policy to ensure that established firms did not block the entry of potential rivals and called for excess profits to be targeted by a tougher international tax regime..
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