Competition Policy in the EU Fifty Years on

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 andregulation, and studies its application to telecoms, banking and energy sectors. All chapters are written by leading specialists combining theoretical with practical knowledge and discussing the underpinings of the application of law.

Xavier Vives is Professor of Economics and Finance at IESE Business School. He has been Research Professor at Institut d'Analisi Economica (CSIC) and ICREA-UPF, Professor at INSEAD, Harvard Universty, the University of Pennsylvania and New York University, and has taught at the University of California, Berkeley, Universitat Autonoma de Barcelona and Universita Pompeu Fabra. Professor Vives's research has appeared in leading international journals including the American Economic Review, Econometrica, Review of Economic Studies and the Journal of Political Economy. He is also the author of Information and Learning in Markets (Princeton UP, 2008) and Oligopoly Pricing: Old Ideas and New Tools (MIT Press, 1999). He has been editor of international academic journals and has received several research prizes and honors such as being elected Fellow of the Econometric Society in 1992 and of the European Economic Association in 2004. Her has a PhD in Economics from UC Berkeley.

List of Figures	p. xi
List of Tables	p. xiii
Abbreviations	p. xiv
List of Contributors	p. xviii
Xavier Vives Introduction: Competition Policy in Europe	p. 1
The Treaty of Rome	p. 1
An Overview and Summary of the Contributions	p. 2
Concluding Remarks	p. 17
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	p. 21
Introduction	p. 21
How to Design a Modern Competition Policy and Enforcement System	p. 23
Modernization of the Legal Instruments	p. 24
Resource and Change Management inside Directorate-General Competition	p. 30
Reforming the Structures	p. 34
Reforming the Processes	p. 36
Current Management Challenges	p. 38
Resources	p. 39
Conclusion	p. 41
Matthew Bennett and A. forge Padilla Article 81 EC Revisited: Deciphering European Commission Antitrust Goals and Rules	p. 43
Introduction	p. 43
A Brief Overview of Article 81	p. 45
The Goal(s) of Article 81	p. 57
The Concept of 'Restriction of Competition'	p. 60
Article 81: Structured Rule of Reason or Quasi per se Rule?	p. 62
Conclusions	p. 65
John Vickers Some Economics of Abuse of Dominance	p. 71
Introduction	p. 71
Dominance	p. 72
Some Economics of Anticompetitive Exclusion	p. 74
Predatory Pricing	p. 81
Discounts and Rebates	p. 84
Refusal to Supply, Tying, and Bundling	p. 86
Article 82: The Future	p. 92
Massimo Motta Cartels in the European Union: Economics, Law, Practice	p. 95
Introduction	p. 95
Economic Analysis of Collusion	p. 96
Cartels in the European Union: Law and Practice	p. 105
A Brief Summary	p. 128
Bruce Lyons an Economic Assessment of European Commission Merger Control: 1958-2007	p. 135
Introduction	p. 135
Historical Context	p. 137
Merger Appraisal and Interventions	p. 149
Merger Policy Evaluation	p. 163
Conclusions	p. 168
David Spector State Aids: Economic Analysis and Practice in the European Union	p. 176
Introduction	p. 176
Why Should State Aid be Prohibited?	p. 177
When Can State Aid be Beneficial?	p. 186
The Limits of Economic Analysis	p. 190
Past Enforcement and the Current Overhaul	p. 194
Martin Hellwig Competition Policy and Sector-specific Regulation for Network Industries	p. 203
Introduction	p. 203
Comparative Advantages and Disadvantages of Competition Policy and Sector-specific Regulation	p. 210
How Should the Line be Drawn between the Regulated and Unregulated Parts of a Network Industry?	p. 220
On the Coexistence of Competition Policy and Sector-specific Regulation	p. 228
Jordi Gual and Sandra Jódar-Rosell European Telecoms Regulation: Past Performance and Prospects	p. 236
Introduction	p. 236
The Liberalization Process up to 2003: Introducing Competition	p. 237
Regulation in a Converging Environment	p. 251
Conclusion	p. 256
Elena Carletti and Xavier Vives Regulation and Competition Policy in the Banking Sector	p. 260
Introduction	p. 260
Regulation in the Banking Sector: Rationale and Instruments	p. 262
Competition in the Banking Sector	p. 263
Competition and Stability: A Real Trade-off?	p. 265
Competition Policy in the Banking Sector in the European Union	p. 266
The Application of Competition Policy to the Banking Sector in the European Union	p. 268
Integration and Liberalization in the Financial Industry in Europe: Recent Developments	p. 280
Concluding Remarks	p. 282
Richard Green European Union Regulation and Competition Policy among the Energy Utilities	p. 284
Introduction	p. 284
Obstacles to Competition in the Energy Sector	p. 285
Moves towards Deregulation	p. 287
The First Directives	p. 290
The Second Directives	p. 293
Agreements between Firms	p. 294
Merger Policy	p. 296
The Impact of Liberalization	p. 299
The Sector Inquiry of 2005-7	p. 306
Conclusions	p. 310
William E. Kovacic Competition Policy in the European Union and the United States: Convergence or Divergence?	p. 314
Introduction	p. 314
Why does Convergence or Divergence between the EU and US Systems Matter?	p. 317
Similarities and Dissimilarities in the Substance of EU and US Competition Policy	p. 321
Centrifugal and Centripetal Forces	p. 326
A Suggested Agenda for the Future: Concepts and Means	p. 333
Conclusion: Future International Relationships	p. 340
Bibliography	p. 344
Cases Cited	p. 362
European Directives	p. 364
Index	p. 367
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Competition Policy in the EU Fifty Years on from the Treaty of Rome

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