Clifford Chance
The unclear effects of the Budapest Bank experience
16 February 2021
Nissim Massarano discusses the European Court of Justice's judgment in Budapest Bank. He argues that although the judgment advances our understanding of the roles of experience and effects in 'by object' cases under Article 101(1) TFEU, it falls short of providing a clear legal test.
His article argues that the bones of an economics-driven framework is nevertheless apparent from the Budapest Bank judgment (as well as other recent cases) and provides a framework on this basis.
This material was first published by Thomson Reuters, trading as Sweet & Maxwell, 5 Canada Square, Canary Wharf, London, E14 5AQ, in European Competition Law Review as The unclear effects of the Budapest Bank experience, (2021) 42 E.C.L.R., Issue 2, page 65, and is reproduced by agreement with the publishers.
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