Competition Policy in Europe

1 by Karel Van Miert Since the early years of the European Community, competition policy has played a decisive role in the creation of a more prosperous, competitive and integrated European economy. Over the last forty years, the action of European competition authorities has provided numerous examples of the benefits of a sound-working competition environment for consumers and for the European economy as a whole. Competition brings lower prices, fosters technical progress and creativity, and prevents the negative effects of a company abusing its dominant or monopoly position. During my mandate as a Commissioner in charge of competition, I have actively encouraged this strengthening of European competition policy as did my predecessors. As a result, there has been growing public awareness in Europe of the need for free and fair competition as well as the consolidation of the competition policy in the "acquis communautaire". European competition policy is now at a tuming turning point in its history. In May 2004, ten countries will join a new European Union composed of twenty-five Member States and 450 million people. This massive accession to the EU is of paramount importance to the European integration and will deeply impact on European competition policy.