Paris

Which competition law concerns for the financial sector in Europe?

Law & Economics breakfast organized by Concurrences in partnership with Simmons & Simmons and Charles River associates.

INTRODUCTORY WORDS

Frédéric Jenny

The financial sector certainly concerns banks, but not only. Until the 2000s, this sector was largely ignored by competition law. The mid-2000s saw a first acceleration. The second acceleration took place from 2008 and the crisis that year. At that time, there was a lot of discussion about the functioning of the banking and financial markets. The OECD set up five expert round tables after this crisis. The application of competition law to the banking sector is complex because the banking sector has a systemic dimension. Banking requires trust. It is therefore necessary to combine prudential regulation, which is necessary to maintain confidence but limits banks’ room for manoeuvre and economic competition between them.

Since the issue of competition in the banking sector is very broad and has already been dealt with in part in other debates, we will limit our comments to three topics: exchanges of information, means of payment and the contribution of behavioural economics to improving competition in the banking sector.

Photos © Leo Ridet

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