ARTICLES: FINANCIAL AND ECONOMIC CRISIS -COMPETITION LAW - REGULATION - FUTURE OF COMPETITION LAW - GOAL OF FINANCIAL STABILITY - PROMOTION OF COMPETITION - GOVERNMENTS EMERGENCY MEASURES - RECESSION - "BUSINESS AS USUAL" ATTITUDE - ADVOCACY ROLE - SPECIFIC ANTITRUST LAW ENFORCEMENT ISSUES

The financial and economic crisis, regulation and competition

The context of the current financial and economic crisis raises important questions concerning the future of antitrust. First, is the compatibility between the goal of financial stability and the promotion of competition in the financial sector. Second, concern is voiced about the effects on competition of emergency measures taken by governments to avoid firm failures in both the financial and real sectors of the economy or to prevent future crises. Third, there is a debate about whether antitrust law enforcement should be limited because of the recession or whether antitrust authorities should stick to a "business as usual" attitude. This article examines these issues and argues that there is no inconsistency between the goal of market stability and antitrust enforcement in the financial sector, that the advocacy role of competition authorities during a time of crisis is crucial and that specific antitrust law enforcement issues will come to the fore because of depressed macroeconomic conditions.

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. 1. The financial crisis and the ensuing economic crisis raise legitimate questions about the capacity of the market economy to promote growth and welfare. While the 1990s and early 2000s saw an increase in the use of competition law to regulate our economic activity, it is now on public intervention and regulatory law, which are more intrusive than competition law, that hopes for the recovery of our economies and a return to prosperity are based. 2. But it is necessary to qualify the words of those who announce the death of economic liberalism and the end of the eminent role of competition law in regulating the functioning of markets by analysing

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  • ESSEC Business School (Cergy)

Quotation

Frédéric Jenny, The financial and economic crisis, regulation and competition, May 2009, Concurrences N° 2-2009, Art. N° 25874, pp. 59-68

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