Ioannis Kokkoris

Should Crisis Cartels Exist amid Crises

Crisis cartels are likely to appear in industries where production facilities are durable and specialized and consumer demand falls due to adverse market conditions. A number of antitrust statutes incorporate exemptions as a means of avoiding condemnation of certain cartelistic conduct. Such statutes include provisions that specifically exempt certain enterprises and conduct from the scope of the antitrust legislation because of the overriding social objectives behind antitrust statutes. In the European Union the problem of structural overcapacity after the second oil shock was exacerbated by increased competition at an international level that induced further reductions in capacity utilization in some industries. Such capacity reductions may not represent reductions of the least efficient capacity. Thus, agreements among competitors to reduce capacity are likely to lead to better long term prospects for the economy. The EU and U.S. authorities have also accepted the financial constraints argument in their assessment of cartels and have thus been lenient on the imposed fines.

The Google Case in the EU: Is There a Case?

This article discusses the European Commission’s investigation of Google in relation to the alleged abuse in the online search market concerning Google’s comparison shopping service. Drawing a comparison with the investigation conducted by the Federal Trade Commission in the U.S., the analysis focuses on whether the conditions of Article 102 of the Treaty on the Functioning of the European Union (TFEU) are satisfied and whether there is scope to conclude that the Google’s conduct has caused harm to consumers or restricted competition. In particular, insights relating to the treatment of innovation in competition law will be provided. Finally, the article aims at shedding light on the investigation and at predicting the possible theory of harm to which the European Commission will make reference.

The Greek Tragedy: Is There a Deus Ex Machina?

The purpose of this article is mainly twofold: first, to discuss the difficulties that being a member of the European Monetary Union (‘EMU’) entail, with particular focus on Greece and on the implications of an internal devaluation. Secondly, how debt re-profiling can help to support the mechanisms of fiscal rehabilitation and external financing at the sovereign and corporate level. Among other issues, this article will attempt to clarify the situation that Greece is currently confronted with and provide a description of the different mechanisms to restructure/re-profile sovereign debt.

Competition vs. Financial Stability in the Aftermath of the Crisis in the UK

The article addresses the status quo of competition enforcement during financial crises and presents the balance between competition law and financial stability during the recent crisis. The debate of the balance between competition and financial stability remains at the forefront. On the one hand, it seems plausible to expect that, once a certain threshold is reached, an increase in the level of competition will tend to increase risk-taking incentives and the probability of bank failure. On the other hand, competition cannot be eliminated in the financial services sector because it ensures efficiency, a broader range and higher quality of products to final consumers, innovation, and lower prices.