Thanks very much for staying with me.
We'll now acquire a short overview of competition policy's instruments.
Specifically those are, the Ban on
Cartels, Abuse Control, and Merger Control.
So, try to keep those in mind if you want to avoid skyrocketing fines.
So what are the instruments of competition policy?
Well, to begin with, there is a Ban on Cartels, which restricts agreements
or forbids agreements between competitors or contracts
between suppliers and consumers that restrict competition.
So, you'll find in gray the legal foundations for the EU and the
US, although there's going to be many
similar restrictions in other economic areas as well.
There is Abuse Control, which basically avoids or,
or tries to avoid the abuse of a dominant
position by firms or, anti-competitive practices that
will tend to lead to such a dominant position.
So in other words, these are all the measures that prevent firms from becoming
too powerful or from abusing that power,
to the detriment of consumers and other competitors.
And thirdly, there's merger control because, if large
corporations would become even more powerful, if they went
together, if they merged and then that's something that
competition authorities will want to have a look at.
So, after a short In-video quiz, let me wrap up.
Okay, so now that we know the three most important instruments, we can go
into detail, on the ban on cartels, and abuse control in the following videos.
Don't worry, there will be a lot more on merger control in Module six.
But bye for now and I'll hopefully see you again in the next video.