EU to block Big Tech from new financial data sharing system
9 comments
·September 21, 2025bigfrere
insane. so obviously european consumers need to detach themselves from the government as much as possible
Incipient
>knowing people’s spending and saving behaviour
Uhh. I passionately don't want mega corporations to have this information about me - European or not. My bank has it, but even then I'd rather they didn't!
If companies can trivially identify people bad at saving...that won't end well.
nine_k
> If companies can trivially identify people bad at saving...that won't end well.
Pray elaborate. How do you see the consequences? I can see many possibilities.
dotnet00
I think the most obvious negative outcome would be advertisers, particularly those running scams, directly targeting those who are bad at saving.
bigfrere
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surgical_fire
The only insanity is allowing those corporations to operate freely in Europe. European consumers should detach from US big texh as much as possible.
bigfrere
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The EU's bank count per capita is tiny compared to the US. Their offers are never competitive if you compare to the US banks (e.g. interest rates, apps that actually work, customer service, etc). They lack competition due to over-regulation, which, if you understand the history of corruption within banking in europe, should not imply good regulation.
Regulating big tech is good. Kill gatekeeping platforms and engagement-driven newsfeeds that are tearing us apart. I wish they could do that. Big tech competition with banking, on the other hand, would be be welcome.
It's too bad, too, because overall the EU in most places has a history of better representing their citizens. I wish that mechanism was more functional.
My experience is living in 3 EU countries as an American - the banks are similarly terrible and entrenched in each.