BOOK REVIEW EU COMPETITION LAW AND ECONOMICS By Damien Geradin, Anne Layne-Farrar, Nicolas Petit Oxford University Press ISBN: 978 0 19 956656 3 www.oup.com FOR COMPETITION LAWYERS WITH CORPORATE CLIENTS, (NOT TO MENTION ECONOMISTS AND NON-SPECIALIST PRACTITIONERS) An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers There are a number of areas in which law and economics are inextricably linked; competition law being one of them. Additionally, as perceived by the general public, competition law has one of the highest profiles of any area of law, if only because, by its very nature, it almost inevitably involves large well known companies. The expert authors of this timely publication from the Oxford University Press cite a number of examples from both sides of the Atlantic: among them Sotheby's, the famous Roche 'vitamins' case and Microsoft to name just three. Cited by the publishers as the first EU competition law treatise that offers a genuinely integrated approach to both legal and economic issues, this major new work brings together in one volume the quite vast range of issues and subject areas likely to be encountered by competition lawyers and economists alike. The book commences with an examination of the history of competition law. Competition and monopolization originate in antiquity -- the astronomer Thales apparently had a lot to answer for over his olive oil monopoly -- but the first bodies of competition law which can be termed 'modern' date back only to the end of the nineteenth century when the first piece of competition legislation appeared in North America, first in Canada in 1889 and in the US a year later. These two nations rules, say the authors, 'had a significant influence on the design and content of the EU completion rules.' Well, that applies an interesting perspective to EU competition law, which has its particular roots in the legislative framework emanating from the original Iron and Steel community. This scholarly and skillfully organized book contains any amount of similarly insightful observation -- especially on specific cases -- which offer their own peculiar fascination. Here's just one quote, for example, that may occasion considerable debate: 'Many consider that (especially following Microsoft v. Commission and Wanadoo v. Commission) those cases demonstrate the EU Courts' discomfort in matters involving sophisticated economic analysis. To increase the effectiveness of judicial review, as well as to reduce the average duration of proceedings before the EU Courts (currently it takes 20 to 30 months for the GC to rule on a competition case), a number of observers have recently argued in favour of establishing a specialist competition court at the EU level, similar to the Competition Appeals Tribunal in the UK.' This of course is yet another instance of the thought provoking commentary provided by the expert authors: two of whom are competition law practitioners and academics, the other a well known economic consultant. Certainly the book provides an in-depth examination (from both an historical perspective as well as the contemporary standpoint) of each of the core areas of EU competition law, including horizontal agreements... vertical restraints... merger litigation and control and certainly, cartels -- these being originally considered acceptable for continental Europe, but now anathema. For those professionally or personally involved in the issues raised in the arena of competition law, this volume, distinguished by its clarity of explanation and expression, is an enlightening read. Ample tools for further inquiry are provided, including extensive tables of cases, legislation and Commission decisions. This book does emerge as an authoritative work of abiding interest to specialist legal practitioners, as well as economists and everyone involved professionally with EU competition law. The publication date is 2012.

• published: 15 Jul 2012
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