About this Event
17 Jul 2009Competition Policy and the Current Economic Crisis
About the Speech:
Dr. Kroes addressed a number of topics at the heart of the Commission’s response to the economic crisis, including the extent of intervention needed in Europe’s financial sector, how to return EU banks to self-reliance and sustainability, and the future of competition policy as an effective tool to help regain economic stability.
Download a text copy of the speech here.
About the Speaker:
Commissioner Kroes' office has frequently taken an active role in Irish competition regulation. In May 2009, Kroes granted early approval to Ireland’s €100 million Enterprise Stabilisation Fund. The nationalisation of Anglo Irish Bank June 2009, and the recapitalisations of Allied Irish Bank and Bank of Ireland in February 2009 all required clearance from Commissioner Kroes’ office. In late 2008, the Commission was also responsible for blocking the proposed acquisition of Aer Lingus by Ryanair.
The Irish government must also seek approval from Commissioner Kroes’ office for legislation proposing the National Asset Management Agency initiative before its implementation.
The Commission Competition has also taken action a firm stance against violations of competition law committed by multi-national corporations. In May 2009, Commissioner Kroes found that Intel had abused its dominant position on the market for computer chips from late 2002 to the end of 2007, and consequently imposed a 1.06 billion euro fine on Intel. In the past five years, Commissioner Kroes’ fines for Microsoft’s anti-trust violations have totalled more than 1.7 billion euros.
Views: 2197
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