Czékus, Ábel (2012): Responses of European competition policy to the challenges of the global economic crisis. Published in: Crisis Aftermath: Economic policy changes in the EU and its Member States, Conference Proceedings, Szeged, University of Szeged , Vol. ISBN 9, (2012): pp. 324-336.
Download (746kB) | Preview
European competition policy has been one of the common policies since the beginning of European integration. The European level economic policy coordination and the customs union have required a uniform framework for competition policy covering the whole Community.
Nowadays the economic integration of Europe is suffering from its biggest crisis ever, which also affects companies based and/or operating in Europe. This brings about new challenges for common competition policy as it has to assure, on one hand, a legal framework to maintain fair competition. The importance of cooperation between competition authorities, for example in the field of restrictive agreements, has been recognised by the European Commission. The Commission, on the other hand, has to deal with an increasing number of merger cases because, after the decline of the number of cases in 2008 and 2009, concentrations have started to intensify again. This is due to the recovery of companies in 2010 and the relaunch of lending activity. Also, competition policy has to stimulate markets as it is also a way to put the European economy on a growing path.
Much more emphasis should be put on state aid because it does not only spur economic growth but it could have negative effects as well. This type of excessive spending is problematic in the sense of competition policy and it could eventually even worsen the long term economic perspectives of Europe.
The crisis in Europe escalated three years ago. I summarise the legal development and guidelines relating to competition policy after 2008. I examine the block exemption schemes and the extended state aid activities. These are developments that may contribute to the recovery from the crisis. It is essentially important to shape competition policy so that it effectively guards companies’ adaptation process to the new economic circumstances, and stimulates their economic activity.
|Item Type:||MPRA Paper|
|Original Title:||Responses of European competition policy to the challenges of the global economic crisis|
|Keywords:||competition policy; economic crisis; European Commission; legal development|
|Subjects:||F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F42 - International Policy Coordination and Transmission
D - Microeconomics > D4 - Market Structure, Pricing, and Design > D49 - Other
G - Financial Economics > G0 - General > G01 - Financial Crises
|Depositing User:||Beata Farkas|
|Date Deposited:||06 Aug 2012 14:19|
|Last Modified:||18 Oct 2016 11:52|
Cejnar, L. (2011): After the global financial crisis: key competition law developments in Australia, the United States, the EU and the UK. Law and Financial Markets Review, 5, 3, pp. 201-212.
Clemenz, G. – Janssen, M. (2011): Facing the crisis: new challenges for competition policy. Selected papers from the 2010 annual meeting of the Austrian economic association. Empirica, 38, pp. 283-285.
EC (2004): Merger Regulation. European Commission, Brussels. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2004:024:0001:0022:EN:PDF
EC (2008a): Communication from the Commission — The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis. European Commission.
EC (2008b): Communication from the Commission — The recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition. European Commission. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2009:010:0002:0010:EN:PDF
EC (2009a): Communication from the Commission — Temporary Community framework for State aid measures to support access to finance in the current financial and economic crisis. European Commission. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2009:016:0001:0009:EN:PDF
EC (2009b): Communication from the Commission amending the temporary community framework for State aid measures to support access to finance in the current financial and economic crisis. European Commission. http://ec.europa.eu/competition/state_aid/legislation/atf_en.pdf
EC (2009c): Communication from the Commission on the treatment of impaired assets in the Community banking sector. European Commission. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2009:072:0001:0022:EN:PDF
EC (2009d): Report from the Commission. Report on Competition Policy 2008. European Commission. http://ec.europa.eu/competition/publications/annual_report/2008/en.pdf
EC (2009e): Communication from the Commission — Guidance on the Commission's enforcement priorities in applying Article 82 of the EC Treaty to abusive exclusionary conduct by dominant undertakings. European Commission. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2009:045:0007:0020:EN:PDF
EC (2010a): Facts and figures on State aid in the Member States. Commission staff working document. European Commission, Brussels
EC (2010b): Report on Competition Policy 2009. European Commission. http://ec.europa.eu/competition/publications/annual_report/2009/en.pdf
EC (2011a): Competition. European Commission. http://ec.europa.eu/competition/state_aid/legislation/temporary.html
EC (2011b): Report from the Commission. Report on Competition Policy 2010. European Commission. http://ec.europa.eu/competition/publications/annual_report/2010/part1_en.pdf
ECOFIN (2008): Immediate responses to financial turmoil. Council of The European Union. http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/misc/103202.pdf
EEC (1957): Treaty establishing the European Economic Community. Rome. http://eur-lex.europa.eu/en/treaties/index.htm#founding
Eurostat (2011): Eurostat. European Commission. http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home/
Farantouris, N. E. (2010): EU Competition Policy for Rescuing and Restructuring Companies. In Lianos, I. – Kokkoris, I. (eds.): The Reform of EC Competition Law. New Challenges. Kluwer Law International, Alphen aan den Rijn, pp. 537-557.
Kokkoris, I. (2010): Should crisis cartels exist amid crisis? The Antitrust Bulletin, 55, 4, 727-758
Mateus, A. M. (2009): The Current Financial Crisis and State Aid in the EU. European Competition Journal, 5, 1, pp. 1-18.
Nicolaides, P. – Rusu, I. E. (2010): The financial crisis and state aid. The Antitrust Bulletin. 55, 4, 759-782.
Niminet, L. A. (2009): European Competition Policy in time of crisis. To be or not to be. Studies and Scientific Researches ‐ Economic Edition, 14, pp. 67-71.
Pelle, A. (2010): Állami támogatások az Európai Unióban a gazdasági válság idején (State aid in the European Union in the time of economic crisis). Európai Tükör, 15, 9, pp. 32-48.
TFEU (2010): Consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union. Official Journal 2010/C 83/1-403.
UNCTAD (2010): The role of competition advocacy, merger control and the effective enforcement of law in times of economic trouble. United Nations Conference on Trade and Development, Geneva.