What antitrust laws are specific to the EU?
The European Union (EU) has a unique set of antitrust laws, known as competition law, that set out rules to ensure fair competition among companies in fields such as digital markets, transportation, and energy. These laws were created to limit the power of large companies, as well as to protect consumers from unfair prices and markets. The main EU antitrust laws are: 1. Article 101 – This prohibits agreements between two or more companies that limit competition on prices or other terms with customers. This is known as anti-competitive agreements. 2. Article 102 – This prohibits companies from abusing their dominant position in the market to engage in anti-competitive practices. Examples of this could be predatory pricing, setting unfair prices, or limiting supply. 3. Merger Control – This regulates the activities of companies wishing to merge. It ensures that no merger gives one company significant market power which could lead to further anti-competitive behaviors. Additionally, specific antitrust laws have been adopted by the European Commission and certain EU countries to better protect consumers and limit unfair trading activities. The EU’s antitrust laws seek to maintain a fair and competitive marketplace, wealthy with choice and free from exploitation. These laws ensure that companies remain accountable to the public and the economy.
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