Competition: Commission outlines contribution of competition policy and its review to green and digital transition, and to a resilient Single Market
©-European-Communities-2004-Source-EC-Audiovisual-Service-PhotoThe European Commission has adopted a Communication on a competition policy fit for new challenges, which frames the important role of competition policy for Europe’s path towards recovery, the green and digital transitions, and for a resilient Single Market. The Communication highlights the in-built ability of competition policy to adapt to new market circumstances, policy priorities and customer needs. Since the creation of the European Union, competition policy has contributed to preserving and fostering the Union’s economic prosperity. Vigorous competition enforcement has served European consumers and businesses, and has helped nurture the dynamic and vibrant fabric of the European economy, made up of businesses of all sizes. Today, the Union is facing new challenges: to climb the steep path to recovery following the coronavirus crisis, while enabling European industries to strengthen their resilience and to lead the twin green and digital transitions. An effective and well-calibrated competition policy can contribute the success of this agenda, which will require extraordinary public and private investments, innovation and a well-functioning Single Market. In this context, the Commission is currently pursuing a review of competition policy tools to make sure all competition instruments (merger, antitrust and State aid control) remain fit for purpose, and complement its existing toolbox. Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “Strong competition enforcement is fundamental for businesses and consumers to reap the full benefits of our Single Market. It gives businesses of all sizes a fair chance to compete. It makes sure businesses are challenged to deliver the best, most innovative solutions for consumers. And it gives customers a choice of products and services, contributing to reliable and diverse supply chains. That’s why effective competition policy is needed now, more than ever, to give the European economy the agility and drive to overcome the challenges it faces. At the same time, competition rules have an in-built flexibility to adapt. We have adopted today the sixth amendment to the State aid Temporary Framework, and are in the middle of a review of competition policy with unprecedented scope and ambition.” A press release is available online.
