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In the late 1990s, the European Commission embarked on a long
process of introducing a 'more economic approach' to EU Antitrust
law. One by one, it reviewed its approach to all three pillars of
EU Antitrust Law, starting with Article 101 TFEU, moving on to EU
merger control and concluding the process with Article 102 TFEU.
Its aim was to make EU antitrust law more compatible with
contemporary economic thinking. On the basis of an extensive
empirical analysis of the Commission's main enforcement tools, this
book establishes the changes that the more economic approach has
made to the Commission's enforcement practice over the past fifteen
years. It demonstrates that the more economic approach not only
introduced modern economic assessment tools to the Commission's
analyses, but fundamentally changed the Commission's interpretation
of the law. Emulating one of the key credos of the US Antitrust
Revolution thirty years earlier, the Commission reinterpreted the
EU antitrust rules as aiming at the enhancement of economic
consumer welfare only, and amended its understanding of key legal
concepts accordingly. This book argues that the Commission's new
understanding of the law has many benefits. Its key principles are
logical, translate well into workable legal concepts and promise a
great degree of accuracy. However, it also has a number of serious
drawbacks as it stands. Most worryingly, its revised interpretation
of the law is to large extents incompatible with the case law of
the European Court of Justice, which has not been swayed by the
exclusive consumer welfare aim. This situation is undesirable from
the point of view of legal certainty and the rule of law.
In the late 1990s, the European Commission embarked on a long
process of introducing a 'more economic approach' to EU Antitrust
law. One by one, it reviewed its approach to all three pillars of
EU Antitrust Law, starting with Article 101 TFEU, moving on to EU
merger control and concluding the process with Article 102 TFEU.
Its aim was to make EU antitrust law more compatible with
contemporary economic thinking. On the basis of an extensive
empirical analysis of the Commission's main enforcement tools, this
book establishes the changes that the more economic approach has
made to the Commission's enforcement practice over the past fifteen
years. It demonstrates that the more economic approach not only
introduced modern economic assessment tools to the Commission's
analyses, but fundamentally changed the Commission's interpretation
of the law. Emulating one of the key credos of the US Antitrust
Revolution thirty years earlier, the Commission reinterpreted the
EU antitrust rules as aiming at the enhancement of economic
consumer welfare only, and amended its understanding of key legal
concepts accordingly. This book argues that the Commission's new
understanding of the law has many benefits. Its key principles are
logical, translate well into workable legal concepts and promise a
great degree of accuracy. However, it also has a number of serious
drawbacks as it stands. Most worryingly, its revised interpretation
of the law is to large extents incompatible with the case law of
the European Court of Justice, which has not been swayed by the
exclusive consumer welfare aim. This situation is undesirable from
the point of view of legal certainty and the rule of law.
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