Whose Regulation, Which Competition?
Edited by Hanns Ullrich
Chapter 1: Foundations of Competition Policy in the EU and the USA: Conflict, Convergence and Beyond
1. Foundations of competition policy in the EU and USA: conflict, convergence and beyond Clifford A. Jones* INTRODUCTION I The theme of this volume revolves around the evolution of European competition law, and the following chapters examine diverse aspects of the underlying rationales, goals and objectives of competition policy and some specific doctrines in an expanding European Union and a globalizing economy. The objective of this chapter is to provide some introductory American perspectives on this evolution and in the process to consider some of the ways in which American antitrust and European Union competition policy at times have both diverged and converged. While it would be wrong to treat this evolution purely as a reflection of current events, one cannot help but consider the political, economic and possible strategic implications of some of the present debate. The European Union has for a substantial period of time endured weak economic growth and high unemployment generally as well in the ‘eurozone’, the twelve Member States which at present comprise the participants in the Third Stage of Economic and Monetary Union, the single currency (euro).1 The Treaty of Amsterdam (1997) brought with it a Growth and Stability Pact designed to make economic and job growth major EU goals along with the price stability envisaged for the euro. In 2000, the Lisbon European Council pronounced the EU’s ‘Lisbon Strategy’, an ambitious goal for the European Union ‘to become the most competitive and dynamic knowledge-based economy in the world, capable of sustained economic...
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