The strengths of the European competition regime are outlined before identifying challenges presented by the financial crisis. The argument moves from enforcement to systemic threats to the credibility of the economic models on which modern competition policy is based. It then turns from banking failures to the crisis in the European motor industry. It suggests that competition policy comprises an ‘economic constitution’ for the EU which is under threat, but registers the relative complacency of the competition agencies, and argues for a redefinition of policy. The conclusion suggests that the regulatory relationship between the state and the private sector will reflect scepticism about the market and that political changes in the UK and Europe offer radical choices between a reinforced or a marginalised competition policy which the competition policy ‘community’ needs to confront.
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