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The Impact of the Recession on Competition Policy: Amending the Economic Constitution?

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  • Stephen Wilks

Abstract

The strengths of the European competition regime are outlined before identifying challenges presented by the financial crisis. The argument moves from enforcement to systemic threats to the credibility of the economic models on which modern competition policy is based. It then turns from banking failures to the crisis in the European motor industry. It suggests that competition policy comprises an 'economic constitution' for the EU which is under threat, but registers the relative complacency of the competition agencies, and argues for a redefinition of policy. The conclusion suggests that the regulatory relationship between the state and the private sector will reflect scepticism about the market and that political changes in the UK and Europe offer radical choices between a reinforced or a marginalised competition policy which the competition policy 'community' needs to confront.

Suggested Citation

  • Stephen Wilks, 2009. "The Impact of the Recession on Competition Policy: Amending the Economic Constitution?," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 16(3), pages 269-288.
    • Handle: RePEc:taf:ijecbs:v:16:y:2009:i:3:p:269-288
    DOI: 10.1080/13571510903227015
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    References listed on IDEAS

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    1. Christian Joerges, 2004. "What is Left of the European Economic Constitution?," EUI-LAW Working Papers 13, European University Institute (EUI), Department of Law.
    2. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    3. Bruce Lyons, 2009. "Competition Policy, Bailouts, and the Economic Crisis," CPI Journal, Competition Policy International, vol. 5.
    4. Fabrizio Gilardi, 2008. "Delegation in the Regulatory State," Books, Edward Elgar Publishing, number 12818.
    5. Bruce Lyons, 2009. "Competition Policy, Bailouts and the Economic Crisis," Working Paper series, University of East Anglia, Centre for Competition Policy (CCP) 2009-04, Centre for Competition Policy, University of East Anglia, Norwich, UK..
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    Cited by:

    1. Dzmitry Bartalevich, 2016. "The Influence of the Chicago School on the Commission's Guidelines, Notices and Block Exemption Regulations in EU Competition Policy," Journal of Common Market Studies, Wiley Blackwell, vol. 54(2), pages 267-283, March.
    2. Pérez Montes, Carlos, 2014. "The effect on competition of banking sector consolidation following the financial crisis of 2008," Journal of Banking & Finance, Elsevier, vol. 43(C), pages 124-136.
    3. Kolluru Mythili & Hyams-Ssekasi Denis & Rao K.V.Ch.Madhu Sudhana, 2021. "A Study of Global Recession Recovery Strategies in Highly Ranked GDP EU Countries," Economics, Sciendo, vol. 9(1), pages 85-105, June.
    4. John K. Ashton, 2012. "Do Depositors Benefit from Bank Mergers? An Examination of the UK Deposit Market," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 19(1), pages 1-23, February.
    5. Maria Chiara Malaguti, 2015. "I valori della concorrenza e del mercato nell’Unione Europea: da Roma, a Maastricht, a Lisbona," Moneta e Credito, Economia civile, vol. 68(272), pages 401-418.

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