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Home | Projects | Group III: Market Failures in a Globalized Economy

Group III: Market Failures in a Globalized Economy: Institutional Approaches

The Principal Coordinator [Prof. Dr. Eduardo Manuel Hintze da Paz Ferreira] and the Principal Researcher of this Group [Prof. Dr. Miguel Moura e Silva] define the policy and strategy of the projects and activities carried out by the participating researchers and assume the responsibility for the organization and follow up of the inter-related projects.

Since the apparent triumph of the so-called Washington consensus, quite visible in the nineties, there has been a widespread tendency across the globe to privatize state-owned enterprises and liberalize former monopolies. This has meant a change in the paradigm of state intervention in the economy.

The Group is organized in order to investigate and set up policy and legal solutions to address market failures in a globalized economy. As the recent economic crisis has shown market failures, particularly in financial markets, can seriously undermine global economic prospects. At a time where markets are even more integrated, addressing their failures requires a kind of multilevel governance that is central to the unit’s research project. The Group is focused on defining adequate policy responses not only at national and sub-national levels, but also at regional and global levels to address market failures, such as - the abuse of market power and restrictions of competition, information asymmetries and externalities. The group will work on an interdisciplinary basis, combining legal analysis with insights from economics to political science to developing new approaches so as to find adequate solutions for market failures in a global context.

The Group will develop four projects in the period 2015-2020:

Project 1 – Law, Economics, and the convergence of competition law and policy

Project 1 will focus on identifying possible areas of convergence between the world leading competition law systems, the EU and the US.

The objective of Project 1 is to research how to balance efficiency with other goals to strengthen the legitimacy of competition law and policy in the context of global convergence of competition rules. The project aims at formulating policy proposals that may bring about such convergence where appropriate. The project will also seek to identify areas where for historical, cultural or legal reasons such convergence has not or cannot be achieved, and then formulate policy proposals to safeguard such differences while seeking other ways to limit possible regulatory costs to globally active market players.

Project 2 – Financial markets supervision, regulation and competition: in search of a consumer focus

Project 2 will address the market failures that have brought about the recent financial and economic crisis and seek to identify policy proposals to respond to such market failures. The project will also analyse recent regulatory changes being made in Europe and in the United States. The group will analyse prudential issues as these have been the main concern guiding recent regulatory developments, but it will have a major focus on the consumer, as the latter seems to have been neglected in the interest of financial stability.

Project 3 – Regulating network industries in developed and developing countries

Project 3 will address the specific problems of regulating network industries in a globalized market, seeking the definition of regulatory best practices.

The objective of Project 3 is to research how market-based policies involving privatization, liberalization and sector regulation can still ensure the protection of the public interest and the provision of public goods. One of the goals of this project is to develop case-studies of how such policies have been adopted in developed and developing countries and to what extent they achieve their purported objectives..

Project 4: Portuguese Case-law in Competition Law  

Coordination: Eduardo Paz Ferreira / Miguel Sousa Ferro

This research project is aimed at, on a first level, gathering, divulging and analysing all the case-law of Portuguese courts which has applied or which has discussed the application of national or EU competition rules, within public enforcement or private enforcement, in all the areas of this branch of the law.

Its second level goals are to contribute to the deepening of the study of competition law in Portugal, to raise awareness of the reality of the enforcement of competition law in national courts and to promote a debate on the solutions set out in the law, taking into account the interpretations that have been adopted by the courts.

The project includes two large pillars of output:

1) Data base of Portuguese case-law in competition law

The general public is given access, for free consultation and download, to all national court rulings already identified and collected, as well as to a searchable table which summarises the characteristics of all these decisions, also including references to rulings which we are aware of, but have not yet been obtained.

All the court rulings are available at the following web address: link to external website.

The searchable table that lists and summarises these rulings is available here: Portuguese Case-law in Competition Law.

This is, necessarily, a work in progress, which will be continuously completed, perfected and updated.

The collection of cases was carried out by the researchers which are taking part in the project, greatly benefitting from the court rulings already made available on the website of the Portuguese Competition Authority and from a cooperation protocol signed between CIDEEFF and the Judicial Court of Santarém – Competition, Supervision and Regulation Court, as well as occasional contributions from magistrates and lawyers.

The database currently includes references to circa 800 court rulings.

The success of this research project will depend on the dialogue to be developed with its beneficiaries and readers.

To be informed of the periodical updates of the database, keeping track of new court rulings made available, please send an email to jurisprudenciaconcorrencia@gmail.com with the heading “Newsletter”.

Considering that all the court rulings were obtained from public sources, any issues of confidentiality should be safeguarded. That being said, if any information is identified in the database which should not be made public, given its confidential nature, CIDEEFF will immediately remove the information in question.

2) Publication “Portuguese Case-law in Competition Law”

A description and analysis of all Portuguese case-law in the field of competition law, as identified in the above-mentioned database, will be carried out and collected in a single book, to be published online in a free e-book. 

CIDEEFF hopes that this work will prove to be a useful working tool for all those who apply and study competition law in Portugal, from a legal perspective or from the perspective of other sciences.

This work, which will only be available in Portuguese, will have the following structure and authors (the list of authors may still be enlarged):

Preface

1. National case-law in competition law: past, present and future

Eduardo Paz Ferreira & Miguel Sousa Ferro (coordinators)

2. Public enforcement case-law: collective horizontal practices

Pedro Marques Bom (coordinator)

Ana Nogueira

Sara Rodrigues

Sónia Moura

Valéria Bianco

3. Public enforcement case-law: collective vertical practices

Pedro Marques Bom (coordinator) 

Ana Nogueira

Sara Rodrigues

Sónia Moura

Valéria Bianco

4. Public enforcement case-law: unilateral practices

Miguel Moura e Silva (coordinator)

5. Public enforcement case-law: merger control

Margarida Rosado da Fonseca (coordinator)

Ricardo Bayão Horta

Ana Sofia Jacinto

6. State aid case-law

António Carlos dos Santos (coordinator)

Eduardo Maia Cadete

7. Private enforcement case-law (Working paper already available)

Miguel Sousa Ferro (coordinator)

8. Case-law on access to documents

Nuno Ruiz (coordinator) 

9. Case-law on constitutional issues

Mário Marques Mendes (coordinator)

Alexandra Dias Henriques

Analytical index

General index of case-law

Bibliography

As the drafts of each chapter are finalized, these will be made available on this website, in the form of Working Papers. All interested parties are hereby invited to submit comments thereto, so that these may be taken into account in the publication of the final and complete version of the book.