2020•Oxford University Press eBooksRequires access

26. Introduction to EU competition policy

Marios Costa, Steve Peers

Abstract

This chapter examines the competition policy in the European Union (EU), discusses the economics of the social market, and describes the structure and objectives of EU competition provisions and policy. The chapter focuses on Articles 101 and 102 TFEU and covers the basic principles established by Regulation 1/2003. It highlights the decentralisation of the enforcement of competition policy. It also explores policies on competition with third countries. The chapter highlights the complexities that can arise when law and economics interact and reveals the difficult role of the Court of Justice (CJ) to make complex assessments of economics.

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Key concepts: Competition law, Competition policy, Enforcement, Competition (biology), Decentralization, European union, Economic Justice, Economics