Abstract

This chapter provides an overview of the key European Union (EU) competition law provisions, focusing on their impact on the global economy and how this impact is managed. It considers the main transnational themes that arise. The first is the age‐old question of the extent to which national law applies across its borders. The second is the question of externalities, which has two ramifications. The first is an economic one, whereby the concern is that the enforcement of competition law in one jurisdiction may have negative repercussions in others, reducing global welfare. The second branch is political in character and arises when the enforcement of competition law in one jurisdiction harms the economic interests of firms abroad. A third theme is collaboration among agencies in the context of global anticompetitive conduct. A fourth theme is hypocrisy. The chapter also sketches how competition policy became the European Union's first supranational policy.