Playing by the rules in a globalised world delivered by Commissioner Margrethe Vestager

Annual Lecture LIV

This Ditchley Annual Lecture, delivered by the European Commissioner for Competition, focused on the vital role of rules-based competition and trade in safeguarding liberal democracies in a globalised world. The speaker posited that citizens' feelings of being "left behind" and powerless contribute to the rise of illiberal tendencies, which undermine the rule of law and a free press. To counter this, it is essential to demonstrate the benefits of liberal democracy and ensure a fair marketplace where people are treated justly. The foundational purpose of Europe's Single Market was to ensure the market serves the customer, not the other way around, and this belief remains central. European founders, learning from the past, established competition rules against cartels, monopolies (like in the Google Shopping case), and the misuse of dominant positions, taking inspiration from the US. They also uniquely added State Aid Control to prevent harmful subsidies between European countries. These rules, applied not just nationally but globally through cooperation, empower citizens, offer a fair chance to succeed, and ensure that even the biggest businesses, like those in high-profile tax cases, follow the same laws. Ultimately, a rules-based world allows different people and nations to share the fundamentals of being equal as citizens, offering hope for successfully navigating future challenges such as digitalisation and climate change.