What is competition law protecting?

The subject of the objectives of competition law receives increasing attention. The interest in this topic by economists, as well as legal and political developments in Europe, are two factors that certainly play a role. It is probably fair to say that most lawyers tend to focus on the law as it stands - or as it has evolved over time in legislation and jurisprudence - rather than stepping back and questioning what the law is actually aiming to achieve. This standard now seems to be changing in competition law. In a recent TILEC discussion paper, TILEC member Laura Parret (Belgian Competition Council) presents some new perspectives in the discussion on the objectives of competition law. She analyses the current situation critically and demonstrates the multiple goals or objectives that exist. Parret explores the origins of the present focus on consumers in competition policy, and attempts to broaden the horizon of the debate by including more general EU developments. Parret argues that there is a need for a public debate on the objectives of the system of European competition law, a debate that should not merely be theoretical: objectives have a fundamental impact on the law and policy.