European competition policy modernization: From notifications to legal exception
AbstractCouncil Regulation (EC) 1/2003 came into force in May 2004 and replaced the mandatory notification of agreements by a regime of ex post monitoring. This paper shows that ex post monitoring is the optimal audit regime when the competition authority's probability of error is low. On the other hand, the notification system becomes optimal when the competition authority's probability of error is high. The paper also shows that block exemptions and black list (regimes of per se (il)legality) should be implemented when the agreementsÃ¢â¬â¢ expected welfare impact is very high and very low, respectively.
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Bibliographic InfoArticle provided by Elsevier in its journal European Economic Review.
Volume (Year): 52 (2008)
Issue (Month): 1 (January)
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Web page: http://www.elsevier.com/locate/eer
Other versions of this item:
- Frédéric Loss & Estelle Malavolti-Grimal & Thibaud Vergé & Fabian Bergès-Sennou, 2005. "European Competition Policy Modernization : From Notifications to Legal Exception," Working Papers 2005-38, Centre de Recherche en Economie et Statistique.
- Frederic Loss & Estelle Malavolti-Grimal & Thibaud VergÃ© & Fabian Berges, 2008. "European competition policy modernization: from notification to legal exception," Working Papers 22644, Institut National de la Recherche Agronomique, France.
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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