The Competition Authority is hosting a webinar where distinguished academics in the field of competition policy from both sides of the Atlantic will discuss key issues in the shaping of competition and economic policy in the near future.
The following questions will be put forward:
| 13:00-13:05 |
Introduction and chairing Páll Gunnar Pálsson | Director-General of the Competition Authority |
| 13:05-13:25 |
Speaker Jonathan Baker Research Professor at the American University Washington College of Law |
| 13:25-14:30 |
Panel discussion Participants:
Chair:
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Background information
The Competition Authority participates in international cooperation in the field of competition policy. The authority was due to host collaborative meetings in this field this spring and, in connection with them, hold a conference on competition matters here in the country. Due to COVID-19, the meetings and the conference were postponed, and the aforementioned online conference was instead convened.
When the economy is in crisis, there has often been pressure in the past on governments around the world to adopt domestic protectionism and weaken competition enforcement, in order to increase the competitiveness of domestic companies. Although experience shows that such measures usually cause more harm than good, the voices calling for protectionism are always loud during periods of recession, such as the one we are experiencing today.
In EU policymaking, there have been views that merger control at the level of the European Commission should not prevent the emergence of large, leading companies (so-called 'national/global champions') in Europe that can compete on international markets. The Commission has been criticised for its merger control focusing too much on competition within Europe, when European companies often compete primarily with large corporations in the United States and Asia. Interventions in mergers that would otherwise create leading companies within Europe thus undermine the competitiveness of European companies against global leaders that are supported by the authorities in the United States, South Korea, Japan and China.
On the other side of the Atlantic, the debate has been more about whether the framework and oversight of competition in the United States have had a detrimental effect on consumers and businesses. Many academics have argued that the competition framework and enforcement in US markets need to be strengthened to maintain the competitiveness of domestic firms.
It is important to bear these perspectives in mind as governments around the world discuss and plan measures to tackle the economic downturn following the COVID-19 pandemic.
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