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This impressive volume presents a detailed comparative analysis of merger remedies in the EU and US, motivated by the fact that a growing number of mergers are being scrutinized and reviewed under both jurisdictions. Merger remedies on either side of the Atlantic play an increasingly important role in the implementation of public policy with regard to the economic concentration of industry. The book provides an understanding of merger remedies in general, and of procedural and substantive differences in the approach of the EU and the US. The editors have gathered together leading European and American practitioners and scholars to comprehensively discuss this issue. They aim to help policymakers decide if, and how, current practices can be improved, and to help firms and their counsel better prepare cases and predict outcomes.
This book is a Claeys and Casteels title, now formally part of Edward Elgar Publishing. With extensive updating in the decade since the publication of the second edition, and written by the key Commission and European Court officials in this area, as well as leading practitioners, the third edition of this unique title provides meticulous and exhaustive coverage of EU Merger Law.
By their nature, remedies are central to competition law enforcement and represent the yardstick against which the efficiency of the overall system can be measured. Yet very rarely have remedies been treated in a horizontal and comprehensive manner from the combined perspectives of substance, process and policy. The present volume, developed in partnership with the College of Europe’s Global Competition Law Centre (GCLC), provides coherent, practical, and authoritative commentaries by leading experts from the GCLC’s incomparable network. The contributions – originally presented at the 2019 GCLC annual conference – examine remedies to assess the overall effectiveness of competition law enforcement in merger, antitrust and State aid matters. The overall topic is presented under five headings: objectives and limitations of remedies; types of remedies in competition law enforcement; implementation and process; ex post assessment of remedies and policy lessons; and national and international approaches. The high-profile and wide-ranging group of authors includes the Director-General of the European Commission’s competition department, lawyers from major international firms, and well-known economists and academics specialising in competition law. With a sharp focus on how to make competition rules work well in today’s digital environment, this systematic and coherent analysis illuminates an issue that we need to fully grasp and understand in order to make sense of competition policy, law and enforcement in the years and decades to come.
The most comprehensive resource for students on EU competition law; extracts from key cases, academic works, and legislation are paired with incisive critique and commentary from an expert author team.
. . . for practitioners considering whether to use economists to evaluate merger proposals, this book provides a relevant insight into the types of information that would be necessary to develop even a basic simulation model, and some guidance as to circumstances where such technique may be appropriate. Vanessa Holliday, Competition and Consumer Law Journal . . . highly recommended for practitioners as well as academics interested in merger remedies. Arndt Christiansen, European Competition Law Review Headlines are made when the European Commission prohibits a merger, but this is actually very rare. Clearances subject to conditions (i.e. remedies) happen ten times as frequently, but have received far less attention in academic literature. This book provides an empirical assessment of the effectiveness of merger remedies, employing a novel simulation methodology based on formal economic theory. The authors were given unprecedented access to data available to case handlers, concerning a range of remedied mergers covering 21 markets. Using this they have adapted simple simulation techniques to appraise the competitive effects of these mergers and the impact of potential and actual remedies. Ex-ante results are then compared with ex-post impact to examine the actual effectiveness of remedies. The results provide a critique of both simple market share analysis and remedy design. This research thus contributes to economics research and practical merger policy. This rare empirical assessment of the efficacy of remedies in competition policy will be of great significance and interest to policy makers, as well as to economists, lawyers, practitioners and students in competition law.
As merger transactions become more complex, so do the remedies involved. This book seeks to identify and examine the most important aspects of merger remedies, which have emerged and evolved in the European Commission's policy and practice over the past 20 years. The in-depth analysis of applicable provisions and guidelines is structured in accordance with a typical 'remedies lifecycle': the negotiation, submission, assessment, adoption, implementation and enforcement of remedies. Furthermore, numerous conditional clearance decisions and judgments as well as studies and legal literature on the subject are described and put into a coherent analytical framework with the aim of providing as much nuance as possible in the evaluation of the Commission's past and present remedies policy and practice. While the Commission indisputably has accomplished numerous successes in its remedies enforcement over the years, it has also encountered some significant obstacles and shortcomings along the way. To this effect, the final chapter in the book critically assesses whether the current framework, which has remained unchanged since 2008, continues to provide an adequate regulatory response to today's remedies issues and challenges. Where adjustments and improvements are deemed desirable or necessary, possible measures are considered.
This volume contains papers presented at the 18th Annual EU Competition Law and Policy Workshop. The papers examine means of balancing effective (public) competition law enforcement and the requirements of legitimate and accountable exercise of public authority. The authors address the design and performance of various enforcement tools at European and national levels, including sanctions and remedies but also distinctive instruments under Regulation 1/2003 (eg commitment procedures) and under the Treaty on the Functioning of the European Union (Article 106(3) when used as a basis for infringement procedures). From the perspective of legitimacy, reflections focus on the implications of fundamental rights standards and general principles of law for the EU's complex and quasi-federal enforcement architecture. Issues that may sometimes escape judicial scrutiny are also discussed, such as how agencies prioritise their activities, and how investigation responsibilities are distributed within the European Competition Network. Effectiveness and legitimacy are then considered in the context of public enforcement cooperation beyond the EU, where international organisations, regional cooperation and a range of formal and informal modes of governance prevail.
This is an important and timely contribution from a prominent antitrust economist and policy advisor. It has been many decades since questions about antitrust enforcement have been so prominent in political, economic, and scholarly debate. Mergers in countless industries, rising concentration throughout the economy, and the dominance of tech giants have brought renewed attention to the role and the responsibility of antitrust policy.
The book is handsomely produced by Edward Elgar. . . The notes contain more than citations and are well worth reading. A welcome feature is that after each set of notes there is a list of the most important writings on the topic followed by a list of the most important cases. Edward Elgar is well known in economic circles, hence the endnotes to which economists are accustomed. . . It has published several books on competition for lawyers over the last years and is a welcome entrant to the lawyers market. Valentine Korah, World Competition This extremely well done and important book collects writings by more than two dozen academics and practitioners on important topics in competition law. . . This is an excellent book, important for research by anyone who is serious about global or comparative competition policy. European Law Review This Handbook assembles a valuable collection of insightful analyses dealing with many cutting-edge issues arising in modern antitrust enforcement on both sides of the Atlantic. Philip Lowe, European Commission The contributions to this Handbook provide a comprehensive, up-to-date treatment of antitrust law in the Americas and Europe. I would recommend it to anyone who wants to learn about antitrust law and its administration in the major enforcement areas of the world. This is bound to become an important reference for antitrust students and experts. Keith Hylton, Boston University, US This comprehensive research Handbook brings together cutting-edge legal and economic analysis into antitrust issues by leading experts from Europe, the USA, Canada, Mexico and South America. The Handbook of Research in Trans-Atlantic Antitrust covers a wide-range of areas including: the meaning of consumer welfare mergers in monopsony markets unilateral effects private and criminal enforcement implementing competition policy in regulated sectors abuse of intellectual property rights competition remedies international enforcement cooperation complainants rights dominant firm pricing tying and bundling. The Handbook also includes discursive consideration of the similarities and differences among the various regimes on either side of the Atlantic, as well as a look to future trends and applications in regional and global contexts. Offering a comparative view of pressing antitrust issues, this Handbook will be of great interest to academics, lawyers, practitioners and officials.