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Xavier Vives "Competition Policy in the EU: Fifty Years on from the Treaty of Rome"

A volume that takes stock and looks ahead on the development and implementation of competition policy in the European Union fifty years after the Treaty of Rome. Competition policy has emerged as a key policy in the EU with competition acting as the driving force for economic efficiency and the welfare of citizens. Case law has been established to control and prevent anti-competitve behavior, state aid control has consolidated and evolved towards a more economic approach, and the authority of the EC and the judicial review of the Court of the First Instance (CFI) and the European Court of Justice (ECJ) are firmly etsablished.

The book provides an economic approach to competition policy and reflects the main areas of interest, open issues and progress in the area. The volume examines the design of competition policy institutions, the evolution of the implementation of competition policy and its convergence or divergence with US practice, restrictive practices, cartels, abuse of dominance, merger control and state aids. The volume also analyses the interaction of competition policy and regulation, and studies its application to telecoms, banking and energy sectors. All chapters are written by leadfing specialists combining theoretical with practical knowledge and discussing the underpinings of the application of law.

Contents

List of Figures xi

List of Tables xiii

Abbreviations xiv

List of Contributors xviii

1. Xavier Vives Introduction: Competition Policy in Europe 1

1.1. The Treaty of Rome 1

1.2. An Overview and Summary of the Contributions 2

1.3. Concluding Remarks 17

2. Philip Lowe The Design of Competition Policy Institutions

for the Twenty-first Century: The Experience of the European

Commission and the Directorate-General for Competition 21

2.1. Introduction 21

2.2. How to Design a Modern Competition Policy and

Enforcement System 23

2.3. Modernization of the Legal Instruments 24

2.4. Resource and Change Management inside

Directorate-General Competition 30

2.5. Reforming the Structures 34

2.6. Reforming the Processes 36

2.7. Current Management Challenges 38

2.8. Resources 39

2.9. Conclusion 41

3. Matthew Bennett and A. Jorge Padilla Article 81 EC

Revisited: Deciphering European Commission

Antitrust Goals and Rules 43

3.1. Introduction 43

3.2. A Brief Overview of Article 81 45

3.3. The Goal(s) of Article 81 57

3.4. The Concept of ‘Restriction of Competition’ 60

3.5. Article 81: Structured Rule of Reason or Quasi per se

Rule? 62

3.6. Conclusions 65

vii

4. John Vickers Some Economics of Abuse of Dominance 71

4.1. Introduction 71

4.2. Dominance 72

4.3. Some Economics of Anticompetitive Exclusion 74

4.4. Predatory Pricing 81

4.5. Discounts and Rebates 84

4.6. Refusal to Supply, Tying, and Bundling 86

4.7. Article 82: The Future 92

5. Massimo Motta Cartels in the European Union: Economics,

Law, Practice 95

5.1. Introduction 95

5.2. Economic Analysis of Collusion 96

5.3. Cartels in the European Union: Law and Practice 105

5.4. A Brief Summary 128

6. Bruce Lyons An Economic Assessment of European

Commission Merger Control: 1958–2007 135

6.1. Introduction 135

6.2. Historical Context 137

6.3. Merger Appraisal and Interventions 149

6.4. Merger Policy Evaluation 163

6.5. Conclusions 168

7. David Spector State Aids: Economic Analysis and

Practice in the European Union 176

7.1. Introduction 176

7.2. Why Should State Aid be Prohibited? 177

7.3. When Can State Aid be Beneficial? 186

7.4. The Limits of Economic Analysis 190

7.5. Past Enforcement and the Current Overhaul 194

8. Martin Hellwig Competition Policy and Sector-specific

Regulation for Network Industries 203

8.1. Introduction 203

8.2. Comparative Advantages and Disadvantages of

Competition Policy and Sector-specific Regulation 210

8.3. How Should the Line be Drawn between the

Regulated and Unregulated Parts of a Network Industry? 220

8.4. On the Coexistence of Competition Policy and

Sector-specific Regulation 228

viii

Contents

9. Jordi Gual and Sandra Jo´dar-Rosell European Telecoms

Regulation: Past Performance and Prospects 236

9.1. Introduction 236

9.2. The Liberalization Process up to 2003: Introducing

Competition 237

9.3. Regulation in a Converging Environment 251

9.4. Conclusion 256

10. Elena Carletti and Xavier Vives Regulation and

Competition Policy in the Banking Sector 260

10.1. Introduction 260

10.2. Regulation in the Banking Sector: Rationale and

Instruments 262

10.3. Competition in the Banking Sector 263

10.4. Competition and Stability: A Real Trade-off? 265

10.5. Competition Policy in the Banking Sector in the

European Union 266

10.6. The Application of Competition Policy to the

Banking Sector in the European Union 268

10.7. Integration and Liberalization in the Financial

Industry in Europe: Recent Developments 280

10.8. Concluding Remarks 282

11. Richard Green European Union Regulation and

Competition Policy among the Energy Utilities 284

11.1. Introduction 284

11.2. Obstacles to Competition in the Energy Sector 285

11.3. Moves towards Deregulation 287

11.4. The First Directives 290

11.5. The Second Directives 293

11.6. Agreements between Firms 294

11.7. Merger Policy 296

11.8. The Impact of Liberalization 299

11.9. The Sector Inquiry of 2005–7 306

11.10. Conclusions 310

12. William E. Kovacic Competition Policy in the

European Union and the United States: Convergence

or Divergence? 314

12.1. Introduction 314

12.2. Why does Convergence or Divergence between the

EU and US Systems Matter? 317

12.3. Similarities and Dissimilarities in the Substance

of EU and US Competition Policy 321

ix

Contents

12.4. Centrifugal and Centripetal Forces 326

12.5. A Suggested Agenda for the Future: Concepts

and Means 333

12.6. Conclusion: Future International Relationships 340

Bibliography 344

Cases Cited 362

European Directives 364

Index 367

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