Systemic Implications of Deeper Transatlantic Convergence in Competition/Antitrust Policy

In the transatlantic context, the field of competition (antitrust) policy has benefited from both: (i) the establishment of formal arrangements to promote cooperation between North American and European enforcement authorities; and (ii) a significant but incomplete and voluntary convergence of substantive enforcement approaches based on mutual learning and experience. These developments have undeniably helped to strengthen enforcement and to minimize inter-jurisdictional conflicts, though they have not eliminated the scope for such conflicts. In the future, however, the most serious policy clashes in the antitrust field are more likely to involve countries outside the transatlantic context. This reflects the proliferation of competition laws across all regions of the world during the past decade and the lack of deep antitrust traditions in some of the relevant countries. The scope for such conflicts may eventually compel reconsideration of multilateral “framework” approaches to competition law that would promote sound economic approaches and ensure non-discrimination in policy application without entailing forced harmonization. Further efforts at achieving deeper cooperation and convergence in the transatlantic context could provide essential intellectual leadership in this regard.