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"Preface" [2009] ELECD 188; in Drexl, Josef; Idot, Laurence; Monéger, Joël (eds), "Economic Theory and Competition Law" (Edward Elgar Publishing, 2009)

Book Title: Economic Theory and Competition Law

Editor(s): Drexl, Josef; Idot, Laurence; Monéger, Joël

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781847206312

Section Title: Preface

Number of pages: 4

Extract:

Preface
This book brings together the 17 contributions to the second conference of
the Academic Society for Competition Law (ASCOLA) which was held at
the University of Paris Dauphine and the University of Paris I-Panthéon
Sorbonne on 8 to 9 December 2006.
Economic theory has always been the basis of competition law. No com-
petition law can be applied without a clear understanding by the enforcer or
the judge of the economics of the market. Yet, economic theory is winning
even more ground in competition law. In the European Union, this is mostly
due to the policy decision of the Commission, taken under former
Competition Commissioner Mario Monti, to implement the so-called `more
economic approach'. This approach abandons the form-based approach
and advocates an assessment of the legality of certain behaviour in the light
of its impact on the relevant market. The more economic approach has so
far been implemented by a new generation of block-exemption regulations,
a fundamental reform of the Merger Control Regulation and is planned to
be continued for the control of abuses of market dominance. Even control
of State aid is not immune from economic reconsideration. In this brave new
world, competition lawyers often have to cooperate with economists, for
instance with regard to defining the relevant market and assessing market
shares. Apart from a different approach to the application of competition
law, the question is also whether the more economic approach changes the
goals of competition law.
Given this development, ...