EU REGULATION OF CARTEL AGREEMENTS: RECENT DEVELOPMENTS AND THEIR IMPLICATIONS
Abstract. Competition is a one of the most important and fundamental mechanisms of the economy, which is considered to be an essential factor for economic growth and prosperity. This article reviews the importance of competition law, which is one of the most crucial and essential part of law that has to be implemented properly to support and ensure smooth functioning of the economy in the state. This article points out the most important and significant steps taken by the European Commission towards the fight against cartel agreements in the past few years, for example, when the European Commission introduced and made recent developments by implementing specific laws, rules and programs during the last few years, which could be used as a tool to fight against cartel agreements, foster economy and support free and undistorted competition on the market. At the same time, this article discusses and clearly highlights that collaboration between the relevant bodies, as well as between the international organizations increases efficiency of competition level and fosters economic growth. The European Union has updated the relevant guidelines, and fruitful cooperation between the relevant Member States certainly facilitates the process of identifying anti-competition agreements in the marketplace. The article reviews implementation of effective Directives, legal acts or guidelines, such as Directive ECN+ empowering competition authorities to counter any anti-competitive practices, introduction of state aid modernization effective package that plays a crucial role in empowering the EU
Member States to execute strategies for better economy, as well as other international developments against cartels to show that these developments are aimed at governing and protecting free and undistorted market competition. These instruments are very efficient and significant for competition and its further development.
Key words: Competition Law, Cartel Agreements, European Commission, Recent Developments, Directives and Guidelines, State Aid Modernization package, Economic Growth.