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Lewis for Real Clear Markets: Europe Is Toxic for Investors, and the EU Commission Shows Why

  • May 23, 2025
  • Lindsay Mark Lewis

Europe has declared itself open for business — unless you’re actually trying to do business there. The European Commission’s latest €500 million fine against Apple, levied under the new Digital Markets Act (DMA), is not only a staggering penalty; it’s a signal flare to global investors that Europe is no longer a place of rule-based predictability, but one where political agendas override legal clarity, engagement, or fairness.

Apple’s offense? Attempting — repeatedly — to comply with a complex, evolving law while facing a Commission that gave them the silent treatment. According to correspondence reported by Politico, Apple spent the better part of 2024 making proposals, requesting guidance, and asking for confirmation that it was on the right side of the law. The Commission’s response: Delay, obfuscation, and ultimately, a massive fine that had seemingly been predetermined months in advance.

Let’s call this what it is: regulatory ambush.

In the Commission’s own words, “it is the sole responsibility of the gatekeepers to come up with product changes.” But how can companies do that when the Commission refuses to say what would or would not be compliant? When Apple proposed rolling back some of its rules, the Commission told them to wait for developer feedback. That feedback came from critics — Spotify, Epic, Match Group — and shortly after, Apple began to suspect, correctly, that it was being set up for a fall.

Read more in Real Clear Markets.

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