Does the EU have antitrust laws?
The European Union has adopted two major new regulations on antitrust. Both took effect on May 1, 2004—the day that the EU added ten new members to expand to 25 member nations.
What is the purpose of the EU competition policy?
The main objective of the EU competition rules is to enable the proper functioning of the EU’s internal market as a key driver for the well-being of EU citizens, businesses and society as a whole.
How does the EU regulate monopolies?
By enforcing antitrust laws, the European Commission can impose significant sanctions and thus intervene in the market in a regulatory way that would not be possible without sanctions.
How does the European Commission know if a company has violated EU competition law?
There are many ways in which the European Commission could become aware of a potential violation: The European Commission may carry out investigation or inspections, for which it is empowered to request information from governments, competent authorities of Member States, and undertakings.
What does European competition law or antitrust law therefore specifically prohibit?
Summary. The function of EU competition law is seemingly apparent: to prohibit cartels amongst firms and combat the abuse of positions of economic dominance in order to ensure effective competition and, eventually, to maximise consumer welfare.
What is EU antitrust?
EU Antitrust policy is developed from Articles 101 and 102 of the Treaty on the Functioning of the European Union (TFEU). Article 101 prohibits anti-competitive agreements between two or more independent market operators.
What can the EU do against monopolies in the market?
European competition law is the competition law in use within the European Union. It promotes the maintenance of competition within the European Single Market by regulating anti-competitive conduct by companies to ensure that they do not create cartels and monopolies that would damage the interests of society.
How does government regulate natural monopolies?
In most cases of government-allowed natural monopolies, there are regulatory agencies in each region to serve as a watch-dog for the public. Utilities are typically regulated by the state-run departments of public utilities or public commissions.