We are witnessing in the present financial crisis a return by the State, in Europe, to a role in the economy. During the present turmoil, Europe's Heads of State and Government have justifiably chosen to forestall the collapse of the financial system by coordinating na-tional measures at European level to respond to a financial crisis that is now an economic crisis. Everywhere in Europe saving the financial system requires new and significant steps to be taken: the massive recapitalisation of major banking institutions and, above all, public guarantees for bank refinancing in order to permit the resumption of interbank lending, frozen by the crisis, with a view to ensuring distribution of the loans required to finance the economy. These measures quite naturally raise questions as to
FOREWORD: COMPETITION POLICY - FINANCIAL CRISIS - GLOBAL CRISIS
Towards regulated competition
In the financial and economic crisis, saving the financial system requires new and significant measures in Europe. Furthermore, it is necessary to reflect on competition policy, which is by all means one of the most visible and strongest realizations of the European Community construction. What role can competition policy play in response to the crisis? What developments should be encouraged?
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