Competition policy

Ariela Caglio, Sébastien Laffitte, Donato Masciandaro, Gianmarco Ottaviano, 19 December 2019

One of the most important challenges of globalisation is to adapt regulations to new conditions imposed by global competition. This column argues that the introduction by UEFA of its Financial Fair Play regulations, with their break-even requirements for European football clubs, represents an exemplary case of how a change of accounting measurement rules motivated by international competition in the sports entertainment industry can shape businesses’ decisions by redefining their preferences and incentives towards better economic performance.

Thorsten Kaeseberg, 12 December 2019

The agendas and roadmaps for the future of digital policy in Europe have been debated extensively. This column proposes a menu of different policy instruments for the new European Commission in order to achieve this transformation. These include reforming the framework of the e-commerce Directive, regulating super-dominant digital platforms, facilitating data intermediaries as counter-balancing actors, facilitating the rise of European platforms, and pushing blockchain. 

Litterio Mirenda, Sauro Mocetti, Lucia Rizzica, 26 October 2019

The expansion of organised crime generates losses in economic growth and social welfare. This column estimates the impact of mafia penetration in the legal economy in Italy, looking both at the micro-level effects on firms infiltrated by 'ndrangheta members and at the more aggregate long-run effects on local economic growth. It finds that infiltrated firms are disproportionately in the utilities and financial services sectors and that infiltration has a strong negative effect on local long-term employment growth. 

Tara Rice, Kathryn Petralia, 24 September 2019

On 24 September the CEPR launched the latest Geneva Report on the world economy, called Banking disrupted? Financial intermediation in an era of transformational technology. Tim Phillips asks Tara Rice and Kathryn Petralia, two of the authors, whether fintechs and cryptocurrencies signal the beginning of the end for banks.

Kathryn Petralia, Thomas Philippon, Tara Rice, Nicolas Véron, 24 September 2019

FinTech and Big Tech firms are both increasingly stepping on banks’ traditional turf. This column introduces the 22nd Geneva Report on the World Economy, which looks at the challenges generated by new technology-enabled entrants to the global banking industry and the public authorities that oversee it. It argues that to respond adequately to the FinTech/Big Tech challenge, authorities will need to raise their game and enter uncharted territories.

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