9780521194839

Antitrust Law Amidst Financial Crises

by
  • ISBN13:

    9780521194839

  • ISBN10:

    0521194830

  • Format: Hardcover
  • Copyright: 2010-11-08
  • Publisher: Cambridge University Press
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Summary

The ultimate goal of competition law is to promote competition and, in most jurisdictions, to enhance consumer welfare. Competition policy may be set aside due to special and exceptional circumstances, such as a financial crisis that threatens the stability of an economy. It is therefore important to have a clear understanding of competition law and the exceptions to it. The key issue that this book addresses is whether a financial crisis can justify the adoption of a more lenient approach to established legal standards as a result of the risks of the systemic crisis to the entire market. It provides an analysis of exceptions to competition law and policy, particularly in the context of a financial crisis, explores the rationale of competition law in the light of conflicting interests, and serves as a valuable practical guide for policy makers as well as practitioners in the field.

Author Biography

Ioannis Kokkoris is a reader at the University of Reading, where he specializes in competition law and competition economics. He is also an international consultant on competition policy for the Organization for Security and Co-operation in Europe. Rodrigo Olivares-Caminal is Assistant Professor at the University of Warwick, where he specializes in insolvency and financial law. He is also a member of the editorial or advisory boards of several related journals and a member of various national and international institutions and associations specializing in comparative commercial and insolvency law.

Table of Contents

Forewordp. x
Forewordp. xii
Prefacep. xiv
Table of casesp. xvi
Table of treaties and other international instrumentsp. xxx
Introductionp. 1
Introduction to competition law: EU, US and UKp. 14
Introductionp. 14
European Unionp. 18
The United States of Americap. 46
United Kingdomp. 61
Concluding remarksp. 70
Some notes on crisesp. 72
Introductionp. 72
What is a crisis?p. 73
What are the different types of crisis?p. 74
How do we know that we are in a crisis?p. 81
Some financial and economic crises of the twentieth and twenty-first centuriesp. 81
Business opportunities in a crisis periodp. 92
Overregulation after the crisis?p. 97
Concluding remarksp. 102
Failing-firm defencep. 103
Introductionp. 103
Corporate restructuringp. 107
Failing-firm defencep. 108
The European Union perspectivep. 110
Derogation: removing the suspensionp. 131
Failing-firm defence cases before the UK competition authoritiesp. 138
Failing-firm defence cases before other national competition authoritiesp. 161
Derogation: removing the suspensionp. 194
Reflections from theory and practicep. 195
Concluding remarksp. 203
Efficienciesp. 214
Introductionp. 214
A primer on efficienciesp. 217
The European Commission's approach towards efficienciesp. 222
European Commission decisional practicep. 228
The UK approach towards efficienciesp. 232
The US approach to efficienciesp. 245
US case law on efficienciesp. 248
Concluding remarksp. 256
Crisis cartelsp. 259
Introductionp. 259
Germanyp. 262
The European Unionp. 274
The United States of Americap. 307
Crisis cartels in other jurisdictionsp. 324
Financial-constraints defencep. 334
Concluding remarksp. 347
State aid (Phedon Nicolaides)p. 349
Introductionp. 349
How much state aid?p. 350
The concept of state aidp. 352
Possible exceptions (compatible aid)p. 363
Conclusionsp. 369
Competition enforcement in periods of crisisp. 389
Introductionp. 389
Experience of other crisesp. 391
The objectives of competition lawp. 397
Welfare standardsp. 401
Merger enforcement amidst crisesp. 403
Crisis cartels amidst crisesp. 455
State aid amidst crisesp. 471
Concluding remarksp. 492
Conclusionp. 499
Control of state aidp. 500
Merger controlp. 502
Crisis cartelsp. 506
Indexp. 510
Table of Contents provided by Ingram. All Rights Reserved.

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