The U.S. Chamber of Commerce has issued a bulletin which raises its “concerns that the European Commission’s levy of a record setting antitrust fine against Intel is part of a larger, troubling pattern.”
The Chamber was reacting to yesterday’s announcement that the EC had assessed a record €1.06 billion ($1.44 billion) fine against the computer chip maker for alleged anti-competitive practices. The company has said it will appeal the decision.
“Fines by the Commission have escalated in size in recent years, raising serious concerns about due process and the method for determining these huge fines,” stated the Chamber Senior Vice President for International Affairs, Myron Brilliant.
The Chamber’s bulletin said it “agrees with a growing number of Europeans calling for a serious evaluation of how the Commission ensures due process for companies under investigation in competition cases. The Chamber also agrees that a review of the methodology guiding the calculation of fines is warranted.”
“Huge fines demand greater due process protections. The current EU guidelines for determining fine amounts are too vague,” Brilliant added.
The Chamber and its Global Regulatory Cooperation Project “advocate before antitrust authorities around the world for enforcement decisions based on strong economic analysis, evidence of real harm to consumers, and due process in antitrust investigations,” the bulletin noted.
Source: U.S. Chamber of Commerce – www.uschamber.com
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