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 "e;acquis communautaire"e;. 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.