Antitrust Law in the Wake of the Recent Financial Crises: A Critical Analysis of the Status Quo and a Roadmap for Reinforcing Enforceability

Rodrigo Olivares-Caminal Dr. / Prof., University of London (SOAS)
Ioannis Kokkoris Dr. / Prof., University of Reading

Abstract

During the financial crisis companies and markets found themselves in distressed situations. Competition authorities across the globe had to deal with controversial issues such as the application of the failing firm defence in merger transactions as well as assessment of crisis cartels. This chapter considers antitrust policy in periods of crisis, and in particular the ‘failing firm’ defence in merger control and the treatment of crisis cartels. Antitrust policy played a useful role in a period of crisis but might be a secondary concern during such times. This approach is the key to the long-term benefits of competition for consumers and for the economy as a whole in terms of growth and increased productivity.