Dodgy Plumbing: Why Europe’s Willingness to Grant Bankruptcy Discounts is Bad for Cartel Enforcement

(by Andreas Stephan) A speech by the European Commissioner for Competition may signal a greater willingness to grant discounts in cartel fines on the grounds of financial constraints. Reluctance to fine firms out of business is understandable, but may weaken enforcement at a time when cartel infringements are more likely.