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The strength of product market competition plays an important role in economic growth as it affects economic efficiency and the allocation of resources, and can also lead to improved labour market performance. This paper examines product market competition and economic performance in the European Union. The Community’s competition rules, which apply whenever anti-competitive practices have an implication for cross-border trade, are enforced primarily by the Commission’s Directorate General for Competition, and complement national competition legislation. Reforms have been adopted recently to sharpen the toolkit and to increase the role of national authorities in the enforcement process. However, the toolkit could still be made more effective. Competition policy is complemented by, and partly overlapping with, the regulation of newly liberalised network industries. Despite the EU’s commendable efforts in this area, competition is still undermined by dominant incumbents in some ...

Economics

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The strength of product market competition plays an important role in economic growth as it affects economic efficiency and the allocation of resources, and can also lead to improved labour market performance. This paper examines product market competition and economic performance in the European Union. The Community’s competition rules, which apply whenever anti-competitive practices have an implication for cross-border trade, are enforced primarily by the Commission’s Directorate General for Competition, and complement national competition legislation. Reforms have been adopted recently to sharpen the toolkit and to increase the role of national authorities in the enforcement process. However, the toolkit could still be made more effective. Competition policy is complemented by, and partly overlapping with, the regulation of newly liberalised network industries. Despite the EU’s commendable efforts in this area, competition is still undermined by dominant incumbents in some ...

Economics

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The establishment of competitive markets has been one of the cornerstones Hungarian economic policy over the past decade, alongside a successful strategy of attracting foreign investment. Broad statistical measures show no signs of endemically weak domestic competition, though the country’s relatively low productivity among domestic business likely signals some sheltering from international competition. The generally healthy level of competition is partly because competition legislation and its enforcement are of a good standard. Nevertheless, room for improvement is suggested in a number of areas. In particular, it is argued that individuals should be able to initiate legal actions directly, i.e. without having to proceed via the competition authority. And, it is suggested that sanctions against individuals in hard-core cartel cases are introduced. In examining specific sectors, this paper is critical of the pace of progress towards competition in the network industries. The rail ...

Economics --- Hungary