EUROPEAN BUSINESS ENVIRONMENT-Competition Essay

EUROPEAN BUSINESS ENVIRONMENT-Competition - Essay Example Such markets have been seen to offer new competition law challenges especially when there are new emergences for business platforms. Also attached to the same is the fact that there have been identification of the extent to which freedom for private law right has to rights and contracts of property (Egli 2005: 235). The main consideration in this aspect is on how these can be reconciled especially following demise of states offering important services to their citizenries alongside replacement of the same services on the basis of communal requirements accruing from either state or private initiatives. The European Union competition law’s background is pinned on aims and goals which were looked forward into by the European Union of establishing a single market for European Union Member States. So as to achieve this, a transparent, compatible and fairly homogenized framework of regulation of competition law was created. An act of Council Regulation was brought into existence thr ough constitutive legislation process. This was developed during evolution of European Commission’s supremacy law which was not yet established. ... ontrol of Dominance The European Union competition law came into being following the need to ascertain that government efforts were not altered with by corporations which mostly abuse market power. Following this, treaties reached on through European Union are a provision intended for ensuring that there is a liberalized competition prevailing within the union (Collignon 2007: 172). This is further meant to discourage monopolies and cartels who engage in fixing of prices and sharing out of markets. The European Union competition law operates through four major policy segments which according to Akman (2009) include: Mergers, control of proposed mergers, acquisitions and joint ventures involving companies that have a certain, defined amount of turnover in the European Union/European Economic Area. This is governed by the Council Regulation 139/2004 European Commission (the Merger Regulation); Monopolies or preventing the abuse of firms' dominant market positions. This is governed by A rticle 102 Treaty on the Functioning of the European Union (TFEU). This article also gives rise to the Commission’s authority under the next area; State aid, control of direct and indirect aid given by European Union’s Member States to companies. Covered under Article 107 of the Treaty on the Functioning of the European Union; and Cartels or control of  collusion  and other practices on anti-competition  that affect the European Union (or, since 1994, the European Economic Area). This is covered under Articles 101 of the Treaty on the Functioning of the European Union. The European Union competition law was developed with goals which mainly number into two schools of thought yet not clear. Main opinion and view pertaining to these is that the only relevance is in consideration of