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.

1. La crise financière et la crise économique qui en découle suscitent une légitime interrogation sur la capacité de l'économie de marché à promouvoir la croissance et le bien-être. Si les années 1990 et le début des années 2000 ont vu une montée en puissance du droit de la concurrence pour encadrer notre activité économique, c'est désormais sur l'intervention publique et le droit de la régulation, plus intrusifs que le droit de la concurrence, que se fondent les espoirs de redressement de nos économies et de retour à la prospérité. 2. Mais il convient de nuancer le propos de ceux qui annoncent la mort du libéralisme économique et la fin du rôle éminent du droit de la concurrence pour réguler le fonctionnement des marchés en analysant précisément l'origine de la crise, ses manifestations et les remèdes qui

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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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