New York

Enforcing Competition Rules in the Global Village

EU Competition Commissioner Margrethe Vestager spoke at NYU Law about Enforcing Competition Rules in a Global Village. The event was organized by NYU Law and presented by NYU Professors Eleanor Fox and Harry First.

GLOBALISATION AND THE CHALLENGES FOR COMPETITION LAW

MARGRETHE VESTAGER

Commissioner Vestager started off discussing about globalisation. She first explained that globalisation may be observed from many different viewpoints and offered a peculiar analysis of it.

The Commissioner commented that “[g]lobalisation is mainly about interdependence. Investments, trade, people and ideas have been fl owing around the world at an increasing pace since World War II. . . . As a result, today, value chains are global; companies increasingly operate internationally; and the biggest of them becomes global entities without any particularly strong attachment to any given nation.

In this landscape, countries and regions thousands of miles apart have come to rely on each other for their wealth and social well-being.

Globalisation is a fact of life – you can’t stop it. What you can do is manage it to reap its benefits to the full and limit the negative impact it can have.”

She continued explaining that “the global market place brings benefits, but also increases the need for a robust legal framework to ensure that markets stay competitive. At the same time as countries are increasingly dependent on each other even if they don’t share a border, many countries have seen an increased need for robust competition enforcement at home. A growing number of countries have felt the need to introduce laws and set up public and independent authorities to make sure that companies behave.”

Photos © Vincent Soyez

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Speakers

  • New York University
  • New York University
  • European Commission - DG COMP