The E.U. Competition Policy.

What are the major elements of EU competition policy ? Explain why all these elements are necessary for the effective operation of the Single Market? The origins of EU competition policy date back from the 1990s when few member States had developed competition policies. Today the continuing reduction of trade barriers to achieve a Single European Market (SEM) has incited many firms to increase the competitive pressures. Within this new competitive environment firms may have two …

…in centralizing its competence. This leads to the questioning of the future of EU competition policy. According to Edward Bannerman this policy needs a radical rethink of how competition is run. The author argues for a new "European Competition Agency" in order to increase transparency and accountability in decision-making. (Bannerman, 2002). The EU competition policy has probably focused too much on political aspects and perhaps needs to "refocus" more on the economic aspects of its politic.