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EU Competition Law and Economics by Geradin, Damien; Layne-Farrar, Anne; Petit, Nicolas (22nd March 2012)

1 Introduction

Damien Geradin, Anne Layne-Farrar, Nicolas Petit

From: EU Competition Law and Economics

Damien Geradin, Dr Anne Layne-Farrar, Nicolas Petit

Subject(s):
Consumer benefits — Free movement — European Union — Application of EU competition rules — Fair, reasonable and non-discriminatory terms (FRAND)

This introductory chapter provides an overview of EU competition law. Because it was first formally enacted in 1957, EU competition law is generally perceived as a relatively recent legal discipline. Its real, substantive, origins are however much older, and can be traced back to the history of ancient civilization. Today, the constraints imposed by EU competition law have become a major area of concern for decision-makers both in public and private sectors. Yet, beyond the cosmetics of press releases and business reports, the significance of EU competition law can be measured by its profound and lasting effects in economic activity. There are four possible objectives to the EU competition rules: the protection of fairness in competition; the promotion of economic freedom, plurality, and consumer choice; the promotion of economic efficiency; and the promotion of consumer welfare.

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