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V for Vendetta
The Impact of the Damages Directive on the Enforcement of EU Competition Law
A Law and Economics Analysis1674
This cutting-edge book provides a thorough analysis of the transposition of the rules of the EU Damages Directive, examining their impact on the enforcement of competition law and the victim's right to full compensation. It also studies the possible consequences of an anticipated rise in civil damages actions in Europe and how this, in turn, may alter the effectiveness of the enforcement system. Applying insights from an economic analysis of law, Philipp Kirst investigates the effectiveness of the measures prescribed by the Directive that are intended to overcome the potential negative effects of increased private enforcement of competition law, offering concrete legislative proposals to combat these. Kirst focuses on three aspects that are crucial to achieving the Directive's main objectives: the EU leniency programme, the sanctioning methodology, and the allocation of civil liability among joint infringers. Furthermore, the book offers policy recommendations to reconcile both an effective enforcement regime and compensation of victims. Provoking debate on the ways in which a more integrated enforcement regime could be created, this book will be a crucial text for academics in the fields of competition and antitrust law and European law and economics. It will also be a key reference point for practitioners and enforcement agencies.
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'The construction of an effective enforcement regime that compensates the victims of EU competition law infringements continues to present a multifaceted challenge for policy-makers and legislatures. Indeed, despite the adoption of the EU Directive on antitrust damages, how that specific challenge can be overcome in Europe is as of yet unresolved. Through critical evaluation of the applicable EU law, Philipp Kirst's well-researched and carefully-argued book helpfully scrutinises key aspects of the challenge at issue. It presents numerous perceptive, insightful analyses that, along with the recommendations advanced, deserve to be very closely examined by stakeholders. It is a welcome, important and convincing addition to the literature.' -- Peter Whelan, University of Leeds, UK
Philipp Kirst, Lawyer, Cleary Gottlieb Steen & Hamilton LLP, Germany and researcher, Rotterdam Institute of Law and Economics, Erasmus University Rotterdam, the Netherlands
Contents: Preface 1. Introduction to the EU enforcement system and the goals of the Damages Directive PART I THE IMPLEMENTATION OF THE DAMAGES DIRECTIVE: A NEW LEVEL PLAYING FIELD IN EUROPE? 2. The implementation of the Damages Directive: harmonised rules on competition damages litigation in Europe? PART II CONTRIBUTION AMONG JOINT INFRINGERS OF COMPETITION LAW IN LIGHT OF THE DAMAGES DIRECTIVE 3. Lessons from the US: the no-contribution rule and its inapplicability in Europe 4. Getting contribution right: the allocation of liability among joint infringers of EU competition law based on relative responsibility 5. The quantification of the role in the cartel for the relative responsibility of joint infringers of EU competition law PART III THE IMPACT OF THE DAMAGES DIRECTIVE ON THE EU LENIENCY PROGRAMME 6. A missed opportunity to reconcile compensation of victims and leniency incentives PART IV THE NEED TO RECONCILE FINES AND DAMAGES FOLLOWING THE IMPLEMENTATION OF THE DAMAGES DIRECTIVE 7. A new approach to the calculation of competition fines to reconcile fines and damages 8. Concluding remarks Index