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International Conference on “Regulation crossing Borders”. Application of EU Competition Law under Financial Crisis. Dr. jur. Chie SATO (LL.M) Research Fellow Hitotsubashi University 31 March 2010 Josui Kaikan. Introduction Financial Crisis

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application of eu competition law under financial crisis

International Conference on “Regulation crossing Borders”

Application of EU Competition Law under Financial Crisis

Dr. jur. Chie SATO (LL.M)

Research Fellow

Hitotsubashi University

31 March 2010

Josui Kaikan

Dr. Chie SATO

slide2

Introduction

  • Financial Crisis

Financial Crisis challenges current models of regulation and oversight in the financial sector.

→What is the role of the state in economic life?

(2)New policy for applying EU Competition Law?

State Intervention vs. Competition

Regulations, State Aid etc.

Dr. Chie SATO

slide3

2. EU Competition Law

(1)Rules applying to undertakings

(i) Art. 101

Prohibition of anti-competitive activities

*101(3) Exception

(ii) Art.102

Prohibition of unilateral conduct of undertakings with market power

+(iii) The Merger Regulation

Dr. Chie SATO

slide4

(2) Aids granted by states

Art. 107 Prohibition of State aids

*Art.107(2) & (3) Exception/Exemption

 →Possible measures for rescuing firms in difficulty?

Dr. Chie SATO

slide5

(3) Advantage of EU Competition Law

Commission’s jurisdiction over the anti-competitive activities taken by the private firms and the Member States

(4) Principles of EU Competition Law

Dr. Chie SATO

slide6

(5) Possible Competition Policy under recent economic crisis

  • 101(3) Exemption

→Strict conditions under the Guidelines (OJ C 101, 27.4.2004, p.97)

(ii)Lax competition policy

→Disintegration of the EU single market

(iii)State intervention

→Major Commission’s/Member States’ response to the financial crisis

Dr. Chie SATO

slide7

3. Measures taken by Commission (State aid)

(0) Measures on the basis of Art.107(3)(c)

“remedy a serious disturbance to the economy of a MS”

  • Banking Sector
  • State Aid

Communication from the Commission- The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis (2008/C 270/2)

Communication from the Commission- The recapitalization of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortion of competition (2009/C 10/03)

Dr. Chie SATO

slide8

Communication from the Commission on the treatment of impaired assets in the Community Banking sector (2009/C 27/01)

Commission Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules (2009/C 195/04)

(ii) New supervision system for financial sector

(2) Real Economy

Community Guidelines on State aid for rescuing and restructuring in difficulty (OJ C 244, 1.10.2004, p.2)*on the basis of Art.107(3)(b)

+ Communication from Commission- Temporary Community framework for State aid measures to support access to finance in the current financial and economic crisis (2009/C 83/01)

Dr. Chie SATO

slide9

(3) Distortion of Competition?

State intervention > Competition?

•Clearly defined and limited in scope

•Limited in time

•Review at least every six months

•Behavioral rules for beneficiaries

•Appropriate follow-up in the form of structural adjustment measures

Competition policy is a crucial component to recovery plan.

Dr. Chie SATO

slide10

4. Conclusion

  • Regulation + Competition for the Future

(2) International cooperation

e.g. ICN, OECD etc.

Dr. Chie SATO