The European Commission welcomes the common understanding reached with the competition authorities of the G7 countries regarding the challenges raised by the digital economy for competition analysis. The document was presented at the meeting of G7 Finance Ministers which was held on 17 and 18 July in Chantilly, France. The common understanding highlights the role of competition enforcement to keep digital markets competitive to the benefit of consumers and market players. Competition law is considered fit for that purpose, though competition authorities agreed that they continuously need to deepen their knowledge of the impact of new digital business models on competition. The competition authorities also asked governments to ensure that laws and regulations are not hindering competition in digital markets. Finally, they agreed to promote international cooperation and convergence in the application of competition laws. The document is the outcome of a dialogue carried out under the French Presidency of the G7.