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PROFIL: CONCUREN A - revist editat de CONSILIUL CON CURENEI, apare trimestrial - quarterly magazine edited by the COMPETITI O N COUNCIL Pentru orice relaii ne putei scrie la urmtoarea adres: For any further information, you may contact us at the llowing address: L CONCURENEI (pentru revista PROFIL: CONCURENA) Piaa Presei Libere nr.1, sector 1, 013701, ucureti, Romnia, el.021/405.44.24, fax: 021/318.48.08 competition@consiliulconcurentei.ro concurentei.ro exprimate n publicate preri personale ale autorilor i nu necesar punctele de vedere ale

fo CONSILIU B T e-mail: www.consiliul Opiniile articolele constituie

reprezint n mod Consiliului Concurenei The opinions expressed in the articles published are the authors' personal views and do not necessarily represent the points of view of the Competition Council. CONSILIUL DIRECTOR/ EXECUTIVE BOARD: Dr. Bogdan M.CHIRIOIU, Alexe GAVRIL,

Dan IONESCU, Valentin MIRCEA, Otilian NEAGOE, tefan NEAGOE, Lect.dr. Jzsef Nndor NEMENYI REDACIA/ EDITORIAL STAFF: Jzsef Nndor NEMENYI, Carmen BUCUR, Georgeta GAVRILOIU REDACTOR EF/ CHIEF EDITOR: Jzsef Nndor NEMENYI RESPONSABIL DE NUMR/ EDITOR IN CHARGE OF THIS ISSUE: Carmen BUCUR EDITOR EXECUTIV/ EXECUTIVE EDITOR: Florin ANDREI ISSN 1454-2730 TIPAR/PRINTED BY: VEGA PROD

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La nceput de mandat At the beginning of the mandate Bogdan M. CHIRIOIU Cum rmnem cu doctrina minii invizibile a lui Adam Smith? Asistm oare la sfritul capitalismului? What about Adam Smith's doctrine of the invisible hand? Are we witnessing the end of capitalism? Jozsef Nandor NEMENYI Reeaua naional de ajutor de stat programul Renas. mpreun vom fi o Echip pentru viitor National State aid network NSAN Programme. Together will be A team for the future tefan SABU Piaa imobiliar: declanatorul crizei sau victim colateral? The real estate market: crisis trigger or collateral victim? Paul PRISECARU Comisia European sancioneaz o companie german pentru ruperea unui sigiliu n cadrul unei investigaii European Commission fines a German company for breaching a seal during an investigation Sergiu PARA Nouti n domeniul concurenei i ajutorului de stat News in the competition and State aid field Carmen BUCUR

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Politica de concuren este esenial pentru Noile instruciuni privind punerea n aplicare a garantarea funcionrii mecanismelor economiei politicii de clemen introduce unele elemente de libere, susinnd existena unui mediu competitiv noutate care vor permite, printre altele, tratarea sntos, sustenabil. n perioada de criz unitar, i n Romnia, a solicitrilor pentru economic i financiar, politica de concuren clemen transmise mai multor State Membre ale devine un element central n cadrul instrumentelor Uniunii Europene. n plus, este introdus sistemul de de depire a perioadei de recesiune. marker (numr de ordine), prin care aplicanilor li se ofer posibilitatea ca, n situaia n care doresc s Doar prin ntrirea gradului de concuren, prin furnizeze informaii ct mai complete, s obin un creterea intensitii acesteia i prin manifestarea numr de ordine i o perioad de graie n care s puternic a presiunilor concureniale pe pia i completeze aplicaia pentru imunitate. Dac crete gradul de competitivitate al firmelor, fapt ce agentul economic perfecteaz aplicaia n perioada conduce la diminuarea sau meninerea nivelului stabilit, se consider c informaiile i dovezile au preurilor pe pia. Protejarea efectiv a cadrului fost depuse la data la care a fost acordat numrul de concurenial, n vederea scderii preurilor ordine. finale, devine esenial pentru resuscitarea consumului populaiei, ca factor de relansare i Aceste elemente de noutate, alturi de cele clasice, depire a perioadei de criz. precum imunitatea la amend sau reducerea cuantumului amenzii, reprezint stimulente Lupta anti-cartel reprezint prioritatea numrul deosebite pentru companiile care doresc s intre n 1 a autoritii romne de concuren . legalitate i s se protejeze de amenzi de pn la Modernizarea cadrului de funcionare a politicii de 10% din cifra de afaceri. O atitudine deschis vis-aclemen demonstreaz capacitatea de adaptare a vis de instituia noastr este extraordinar, putnd Consiliului Concurenei la schimbrile permanente aduce beneficii importante pentru orice operator din mediul economic i deschiderea instituiei n economic. ceea ce privete recompensarea operatorilor economici care aleg s conlucreze cu autoritatea, De asemenea, atitudinea pro-activ va rmne n vederea ndeplinirii scopurilor sale. una dintre constantele acestei instituii, iar cooperarea cu celelalte autoriti ale statului, n Consiliul Concurenei continu astfel procesul vederea meninerii i protejrii mediului de apropiere fa de mediul de afaceri din concurenial, va fi adncit. Rolul de iniiator i Romnia, nelegnd c existena unor piee cu susintor al politicilor de concuren va fi adevrat concureniale n ar necesit un confirmat i va produce rezultate mult mai vizibile demers att din partea autoritii de concuren, prin conlucrarea mult mai strns cu Guvernul, ct i din partea operatorilor economici. Parlamentul Romniei, respectiv Banca Naional.
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Preedintele Consiliului Concurenei.

LA NCEPUT DE MANDAT
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Bogdan M. CHIRIOIU

LA NCEPUT DE MANDAT
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Bogdan M. CHIRIOIU

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The competition policy has an essential role in The new Guidelines on the application of the leniency guaranteeing the well functioning of the free policy have introduced certain novelty elements, economy mechanisms, by supporting the existence of which, among other things, will enable Romania to a sound and sustainable competitive environment. apply a unitary treatment to those applications for During the period of economic and financial crisis, leniency that had already been submitted to other EU competition policy becomes a central element among Member States. In addition, the marker system has the instruments aimed at the surpassing of the been introduced, aimed at allowing the applicants recession time. intending to provide as thorough as possible information to get an ordering number and a grace The increase of the companies's competitiveness period for the supplementing of their immunity extent, as a factor which is leading to the diminishing application. If the undertaking succeeds to conclude or preserving of the prices' level on the market, could its application within the established time, these be got only through the competition enhancing and information and evidences should be considered as intensifying, and through the powerful action of the submitted to the Romanian Competition Council on competitive pressures on the market. The effective the date of the ordering number receiving. supporting of the competitive environment, in order to decrease the final prices, becomes These novelty elements, together with the classical essential for the revival of the population ones, as well as the immunity from fine or the consumption, as a factor of economic re-launching reduction of the fine amount represent important and of surpassing of the crisis period. incentives for the companies which intend to enter into legality and to protect themselves from fines, the The antitrust fight represents the priority number 1 amount of which could reach by 10% of their of the Romanian competition authority. The turnover. An open attitude in the relationship with our modernizing of the framework for the leniency policy institution is quite remarkable, enabling any functioning has proved the ability of the Romanian economic operator to get an important benefit from Competition Council to adapt itself to the permanent it. economic environment changes, and its open approaching of the rewarding of the economic Also, the pro-active attitude should remain one of operators which choose to cooperate with the the specific constants of our institution, and its competition authority in order to accomplish its goals. cooperation with other public authorities should be enhanced, in order to preserve and protect the Thus, the Competition Council is going on the competitive environment. The role of the Romanian process of strengthening relationships with the Competition Council as an initiator and supporter of Romanian business environment, being aware that the competition policies would be confirmed and the existence of effective competitive markets in would give more visible results by a much closer our country would need a pro-active approach not working together with the Government, the only from the competition authority, but also from Romanian Parliament, respectively the Romanian the economic operators. National Bank.
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Translated into English by Ioan D.Popa.


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President of the Competition Council.

AT THE BEGINNING OF THE MANDATE


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AT THE BEGINNING OF THE MANDATE


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Bogdan M. CHIRIOIU
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Bogdan M. CHIRIOIU

4 Consiliul Concurenei va continua s ntreasc piaa comercializrii produselor alimentare; colaborarea strns i prin ncheierea de noi piaa imobiliar i a serviciilor conexe protocoale alturi de cele peste 20 de protocoale tranzaciilor imobiliare; ncheiate pn n prezent. piaa comercializrii laptelui n stadiul economic productor-procesator; Multiplele probleme cu care se confrunt piaa pieselor de schimb pentru automobile; sectoarele economiei naionale au condus, n piaa distribuiei engros de medicamente. foarte multe cazuri, la manifestarea de practici anticoncureniale, aflate n prezent sub lupa Importana acestor piee deriv att din aportul lor autoritii de concuren. La finele anului 2008, la crearea de plus-valoare pe ansamblul economiei Consiliul Concurenei avea n derulare 30 de i factorul de multiplicare deosebit din investigaii pe diferite piee, dintre cele mai a g r i c u l t u r , c t i d e e f e c t u l a s u p r a importante putnd fi menionate: piaa bancar, consumatorului. Produsele alimentare i piaa medicamentelor, piaa petrolului i a medicamentele reprezint segmente sensibile, produselor derivate, piaa administrrii fondurilor aduse de multe ori n discuie de-a lungul timpului, de pensii private obligatorii din Romnia etc. datorit existenei unor relaii tensionate pe principalele verigi (producie distribuie Un loc important n activitatea Consiliului comercializare consumator final) din punct de Concurenei l ocup i investigaiile utile pentru vedere al mecanismelor de formare a preurilor, a cunoaterea pieelor , ca instrument de adaosurilor comerciale practicate, precum i al monitorizare pro-activ a pieei sau analiz e x i s t e n e i u n o r p o t e n i a l e p r a c t i c i complex prin care este evaluat, la un moment anticoncureniale, toate acestea repercutndu-se dat, situaia concurenei pe o pia naional sau asupra consumatorului prin preul pltit pentru ntr-un sector de activitate. Investigaiile utile procurarea produselor menionate. pentru cunoaterea pieei sunt de maxim utilitate pentru autoritatea de concuren atunci cnd sunt Cunoaterea pieei imobiliare i a serviciilor concentrate asupra unor sectoare unde exist conexe, prbuite n ultimul an ca urmare a crizei perspectiva obinerii unui efect pozitiv prin economico - financiare, poate furniza autoritii de intervenia acesteia. concuren informaii legate de modul de funcionare a acestora, monitorizarea domeniului n urma unei astfel de investigaii, Consiliul fiind important datorit dublului rol pe care l Concurenei poate stabili n ce msur problemele joac activele imobiliare n angrenajul economic, identificate se datoreaz unor practici ele putnd fi considerate att bunuri de consum, ct anticoncureniale i n ce msur altor practici, i investiii. precum i impactul acestora asupra pieei. Importana cunoaterii modului de organizare i Completarea tabloului investigaiilor utile cu piaa funcionare a pieelor a determinat Consiliul pieselor de schimb pentru autovehicule vine pe Concurenei s-i ndrepte atenia spre o serie de fondul reducerii vnzrii de autoturisme noi, a sectoare sensibile, cu impact semnificativ asupra creterii gradului de comercializare a celor secondconsumatorului final. n prezent, se afl n analiz 5 hand, precum i a numrului de reparaii din piee importante, respectiv: service-urile auto. Aceast investigaie va analiza dac piaa este suficient de competitiv pentru a t ransf era be ne ficii le concure ne i c tre consumatori.
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5 In addition to the 20 already concluded market of food products trading; cooperation protocols, the Competition Council market of real estate transactions and of their is planning to conclude several new ones, aiming connected services; to keep on the strengthening of its close market of milk marketing within the economic relationships with other relevant partners. stage producer-processor; market of spare parts for motorcars; The multiple challenges facing the sectors of our market of gross distribution of drugs. national economy have generated, in rather many cases, a developing of anti-competitive practices, The importance of these markets arose from their which are founded, at present, under the contribution to the surplus value creating into the magnifying glass of the competition authority. At economy as a whole, as well as from the special the end of 2008, the Competition Council had 30 multiplier factor in the agriculture, and, on-going investigations on different markets, the respectively, from their effect on the consumer.

most important among them being the following: Food products and drugs represent sensitive sectors the banking market, the drugs market, the market which formerly were the subject of controversial of oil and its derived products, the market of the debates, because of the existence of strained administering of the Romanian funds for relationship on the main stages (producing compulsory private pensions etc. distribution - trading - final consumer) concerning the mechanisms of prices establishing, and the The investigations aiming at a better employed commercial supplements, as well as due understanding of the markets (sector inquiries) to the existence of potential anticompetitive have also got an important place in the Romanian practices, all these issues being transferred on the Competition Council activity, as an instrument for a consumer, by the price paid by it for purchasing the pro-active market monitoring, or for a complex mentioned goods. survey aimed at the assessment of the competition state, on a certain national market or in a certain The understanding of the market of real estate sector of activity, at a given moment. When the transactions and of their connected services, which investigations aiming at a better understanding of collapsed last year due to the economic - financial the markets are focused on certain sectors wherein crisis, might provide the competition authority with there is an expectation of getting a positive effect by information related to its way of functioning, this the competition authority intervention, they get an field monitoring being important due to the double utmost usefulness for our institution. role of the real estate assets within the economic mechanism, as consumer goods or as investment. Following such an investigation, the Competition Council may establish to what extent the identified The picture of this type of investigations has been challenges are due to certain specific supplemented with the market of spare parts for anticompetitive practices, and respectively to other motorcars on the ground of the diminution of new ones, as well as their impact on the market. Having car sales, and of the increasing degree of secondacknowledged the importance of knowing the way hand products trading, as well as on the ground of of markets organizing and functioning, the the increase in the number of overhauling into the Competition Council has pointed its attention to service units. This investigation should examine several sensitive sectors, with significant impact on whether the market is sufficiently competitive as to the final consumer. At present, it has 5 important transfer the competition benefits to the consumers markets under survey, as follows: or not.
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6 Dup modelul rilor cu tradiie, investigaiile utile pentru cunoaterea pieei vor deine un rol major n activitatea autoritii de concuren, deoarece aceasta devine astfel un pol de ncredere att pentru operatorii din pia, autoriti, ct i pentru consumatori. Pentru a veni n sprijinul tuturor celor interesai de problematica concurenei, Consiliul Concurenei i va intensifica aciunile de promovare a culturii concurenei pe toate palierele vieii economico sociale. Aceasta presupune o varietate de activiti de tipul seminariilor, meselor rotunde, conferinelor, elaborarea i diseminarea de publicaii, asigurarea unei transparene depline,

att n relaia cu mass-media, precum i n posibilitatea de accesare a tuturor informaiilor prin intermediul site-ului public al instituiei. Colaborarea pro-activ permanent cu structurile europene, ntreaga activitate a autoritii de concuren din Romnia va fi orientat spre realizarea scopului i rolului su, respectiv meninerea unui mediu concurenial normal i creterea gradului de vizibilitate i transparen a instituiei pe plan intern i extern, ntr-o perioad profund marcat de frmntrile pe plan economic, social i politic. n acest context dificil, prin meninerea echidistanei i a comportamentului su apolitic, Consiliul Concurenei va continua s-i ndeplineasc misiunea care i-a fost ncredinat, fundamentat pe valorile promovate de legislaia naional n domeniu i n deplin acord cu prevederile comunitare.
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7 Following the model of countries with tradition, the investigations aiming at a better understanding of the markets should have a major role within the activity of the Romanian competition authority that becomes a reliable pole not only for the operators in the market, and for the other authorities, but also for the consumers. The Competition Council will intensify its advocacy actions, aimed at the promoting of the competition culture, at all levels of the economic-social reality, with a view to come in the support of all those people which are interested in the competition problems. This means a variety of activities, such as organizing workshops, round tables, and conferences, working out and disseminating publications, ensuring a full transparence into the relationship with mass-media, as well as ensuring the possibility of public access to all information, by the web-site of the authority. The whole activity of the Romanian Competition Council, including its permanent pro-active cooperation with the European institutions, should be oriented to the fulfillment of its goal and of its role, respectively to the preserving of a normal competitive environment, and to the increasing of the visibility and transparence degree, both on the internal level and on the external one, during a period thoroughly marked by the challenges arisen on the economic, social and political areas. In this difficult context, by preserving the equidistance and its apolitical behavior, the Competition Council will keep on fulfilling of its entrusted mission, based on the values promoted by the national specific legislation in the field, and fully complying with the community rules.
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CUM RMNEM CU DOCTRINA MINII INVIZIBILE A LUI ADAM SMITH? ASISTM OARE LA SFRITUL CAPITALISMULUI? CUM RMNEM CU DOCTRINA MINII INVIZIBILE A LUI ADAM SMITH? ASISTM OARE LA SFRITUL CAPITALISMULUI?
Rezumat n zilele noastre, dominate de o criz financiar mondial a capitalismului modern, n condiiile globalizrii se pune problema valabilitii unor doctrine economice de baz. ncercm s prezentm un punct de vedere simplu
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privind valabilitatea teoriei lui Adam Smith i a statului minimal care pare s fie sortit eecului. n condiiile Romniei considerm c doctrina lui Adam Smith - concurena economic care rezolv marile probleme economice i sociale ale rii - este n mare msur anacronic. Concurena nu nate neaprat bunstare, ba mai mult, pauperizeaz, ruineaz i polarizeaz societatea, dac nu se asigur controlul, supravegherea i corectarea defectelor pieei. Cuvinte cheie: piaa ca factor de echilibru i de autoreglare, stat minimal, statul intervenionist pentru binele general.
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Jozsef Nandor NEMENYI


n societatea capitalist, concurena nelimitat n energetic, industria oelului, cercetarea economie trebuie s determine echilibrul pieei n fundamental, serviciile de interes economic general i s duc la o eficien economic general, respectiv industria de armament nu se pot crescnd prin autoreglare de ctre forele pieei. baza exclusiv pe interesele nguste i individualiste Dup Adam Smith, guvernul poate doar s tulbure ale capitalitilor i, practic, milioane de forele pieei, aceste fore naturale se autoregleaz consumatori nu au informaiile necesare pentru a i prin aceasta catig i consumatorii. De regul, lua decizii care s asigure eficiena att de necesar consumatorii sunt ntr-o poziie mai bun dect pentru creterea productivitii muncii. statul n a decide ce ar trebui produs, la ce pre i n ntr-o economie de pia funcional statul, de urma acestuia ce este recunoscut de ctre pia. regul, nu intervine n viaa economic i n Doctrina minii invizibile (Adam Smith 1776) activitile intime ale societilor comerciale i ofer cadrul teoretic pentru sistemul economic forele economice de pe pia trebuie lsate s capitalist bazat pe maximizarea profitului i acioneze n baza propriilor mecanisme. exacerbarea egoismului. Socialismul neag aceste percepte afirmnd c Trsturile definitorii ale formei economice oamenii i urmresc interesele proprii i insist prezentate caracterizeaz capitalismul din Anglia pentru funcia economico-organizatoric a statului sau Olanda, din sec. XVIII-lea i teoria autoreglrii prin planificare multianual i programe anuale, iar nu a fost pn n prezent contestat, dei la deciziile economice nu se bazeaz exclusiv pe nceputul sec. XXI au aprut semne c profit, ci pe satisfacerea nevoilor sociale n general. intervenionismul statal n ramurile strategice:
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Consilier de concuren, Consiliul Concurenei.

Adam Smith (1723 1790) economist, om politic i filozof scoian. Lucrarea sa Avuia naiunilor, cercetare asupra naturii i cauzelor ei a fost una din primele incercri de a studia dezvoltarea istoric a industriei i comerului n Europa. Aceast lucrare a ajutat la crearea economiei ca disciplin academic modern i a furnizat una dintre cele mai bune argumentri intelectuale pentru comerul liber i capitalism. A introdus n economie conceptul de mn invizibil. Aceast metafor ilustreaz c prin urmrirea propriului interes, indivizii stimuleaz indirect economia. Urmrirea propriului interes contribuie la binele societii. n cadrul mecanismului pieei guvernat de acest principiu aciunile cele mai eficiente i benefice vor fi cele mai profitabile. A fost adeptul statului minimal, contrar credinelor filozofului Locke.

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WHAT ABOUT ADAM SMITH'S DOCTRINE OF THE INVISIBLE HAND? ARE WE WITNESSING THE END OF CAPITALISM? WHAT ABOUT ADAM SMITH'S DOCTRINE OF THE INVISIBLE HAND? ARE WE WITNESSING THE END OF CAPITALISM?
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Jozsef Nandor NEMENYI


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Abstract Nowadays, when the world financial crisis of the modern capitalism is dominating, in the context of the globalization, the issue concerning the validity of certain basic economic doctrines is arising. We'll try to present a
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simple point of view regarding the validity of Adam Smith's theory, as well as on the validity of the minimal State theory, which seems to be predestinated to fail. We are thinking that, given the current conditions in Romania, Adam Smith's doctrine the economic competition which is solving all the important economic and social problems is becoming, to a large extent, an out-dating one. Competition doesn't necessarily give rise to welfare, but it is, on the contrary, pauperizing, ruining, and polarizing the society, if control, monitoring, and correction of market deficiencies are missing. Keywords: the market as an equilibrium and self-governing factor, the minimal State, the State intervening in favor of the general benefit.

Within the capitalistic society, the free economic competition should generally ensure the general market equilibrium, and lead to an increasing economic efficiency, by self-adjustment of the market forces. According to Adam Smith, the Government can only disturb the market forces, these natural forces are self-governing, and the consumers themselves are benefiting from this. As a rule, the consumers are in a better position than the State when making decisions about what should be produced, at what price and what could be recognized by the market. The doctrine of the invisible hand (Adam Smith - 1776) offers the theoretical framework for the capitalistic economic system based on the profit maximization and, respectively, on a ferocious selfishness. The defining features of the presented economic form are specific for the capitalism in England and
th

interventionism in the strategic branches (energy, still industry, fundamental research, services of general economic interest, and, respectively, the armament industry) can't rely exclusively on the narrow and individualistic interests of the capitalists, and, on the other hand, that actually millions of consumers haven't got the needed information in order to make those own decisions which could ensure the efficiency required with a view to increasing the productivity. In a functional market economy, as a rule, the State does not intervene into the economic reality, or into the private activities of companies, and it should be allowed the market forces to act on in accordance with their own mechanisms. The socialism denies these precepts, asserting that people have in view their own interests, and it is

Netherlands of the XVIII century, and the self- emphasizing on the economic-organizational governing theory hasn't so far been disputed, function of the State, by multi-annual planning and although certain signs have appeared from the annual programming; the economic decisions are
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based not only on the profit, but also on the

early XXI century that, on the one hand, the State


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Competition Counsellor, the Romanian Competition Council.


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Translated into English by Doina Mesteacn.


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Adam Smith (1723-1790) - Scottish economist, politician and philosopher. His work An Inquiry into the Nature and Causes of the Wealth of Nations was one of the first attempts of studying the historical development in Europe of industry and trade. This work helped at the creation of the economics as academic modern discipline, and provided one of the best intellectual reasoning for free trade and capitalism. He introduced the concept of the invisible hand into the economics. This metaphor illustrates that, pursuing their own interest, the individuals are indirectly stimulating the economy. The pursuing of people's own interest contributes to the society benefit. Within the market mechanysm governed by this principle, the most efficient and beneficial actions will be the most rewarding ones. He was the advocate of the minimal State, contrary to the convictions of the philosopher Locke.

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10 Pn n prezent, nicio societate din lume nu a atins falimentele de stat din Islanda, rile Baltice i nivelul comunismului tiinific preconizat de Karl Ungaria; pauperizarea societii tot mai srcite n multe Marx i descrierea comunismului ca un model ideal ri din UE; nu exist. deficite bugetare i omaj greu de stavilit, dac statul nu intervine n domeniul salvrii Evenimentele din Statele Unite din trim. III i IV industriei, bncilor naionale i agriculturii tot 2008, repetatele aciuni ntreprinse de Rezerva mai srcite n condiiile globalizrii. Federal a SUA (un fel de banc central cu atribuii mai mari dect o banc naional central Nu suntem n msur s coroborm globalizarea i din Europa) care a procedat la salvarea Fannie Mac, concurena care nate bunstare, dar rmne AIG, Freddie Mac, Bear Stearns etc. cu mii de ndoielnic cum trebuie adaptat teoria i practica n miliarde de dolari pentru funcionalitatea unor ceea ce privete doctrina minii invizibile a lui piee indispensabile societii. Smith (de fapt, asistm la moartea unei paradigme). De fapt, am asistat la un precedent i n anul 1979 Ca ncheiere, prezentm msurile luate de B. cnd industria de automobile, n spe Chrysler - la Obama n faa celei mai mari crize financiare din un pas de faliment din cauza exploziei preului istoria omenirii, cu dorina clar ca dup criz s petrolului, a primit un imens ajutor de stat. Astfel, rmn pe pia numai bnci puternice, falimentul a fost evitat i zeci de mii de locuri de competitive i un sistem bancar sntos (cum ar munc au fost salvate. spune guvernatorul BNR). Criza financiar a ajuns i n Romania. n aceste Principiile reformei preconizate de B. Obama n condiii se pune problema care este diferena vederea reorganizrii instituiilor de supraveghere a dintre teorie i practic n domeniul ajutorului de pieelor financiare privesc : stat, tiind c cea mai important ar din lume, cu un potenial economic uria, a pompat deja cca. 3 1. Supervizarea campaniilor, a produselor i mii de miliarde de dolari n sistemul bancar, practicilor de ctre Rezerva Federal; financiar i de asigurri pentru a salva ce e posibil i 2. Stabilirea nivelului de capitalizare i de nu a luat msuri pentru penitena bancherilor i lichiditate al campaniilor financiare; capitalitilor cu credite ipotecare neperformante. 3. Monitorizarea (cronologic, sistematic i metodic) a ntregului sistem bancar american; Rezult, n concepia noastr, c trebuie s 4. Administraia Central a Statelor Unite are meninem un echilibru ntre: social, politic i abilitatea de a sparge companii financiare dac

economic cnd se administreaz ajutoare de stat modelul lor de afaceri cauzeaz i induce iar teoria concurenei (doctrina lui Adam Smith a riscuri la nivelul ntregului sistem. minii invizibile) veche de cca. 240 ani devine tot mai perimat, n acest sens administrm cteva probe:
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11 meeting of the general social needs. State bankruptcies in Island, Baltic Countries and Hungary; So far, throughout the world, no society has pauperization of the more and more attained the level of scientific communism foreseen impoverished society from many European by Karl Marx, and no ideal model of communism countries; has been described. budgetary deficits and unemployment hardly to be held back. In this context, it should be mentioned the
nd

developments in USA over the 2 half-year of If the State doesn't intervene to rescue the industry, 2008, the repeated actions of the Federal Reserve the national banks and the agriculture, which System (a sort of central bank having larger became more and more impoverished due to competences than an European national central globalization. bank), which has earmarked thousand of billion of US Dollars for the rescue of Fannie Mac, AIG, It is not within our power to corroborate the Freddie Mac, Bear Stearns etc., in order to ensure globalization with the competition that gives rise the well functioning of certain markets to welfare, but it remains an uncertain issue how indispensable for the American society. to adjust the theory and the practice as concerns the invisible hand doctrine of Adam Smith (in In fact, we already had attended a precedent, in fact, we are witnessing the end of a paradigm). 1979, when the American car industry received a tremendous State aid (Chrysler a car company, on As a conclusion, we present the measures taken by the brink of bankruptcy, because of the oil crisis). B. Obama, in order to face the largest financial crisis So, bankruptcy was avoided and some ten in the human history, having in mind a clear thousand jobs have been rescued. objective for the period following the crisis ending: to retain only powerful and competitive banks on The financial crisis has arrived in Romania too. In the market, and to ensure a sound banking system this context, the issue of establishing the difference (as it would be said by the Romanian National Bank between theory and practice in the field of State aid Governor). should be solved, as we knew that the most important country in the world, having a huge The principles of the reform foreseen by B. Obama economic potential, has already pump in the in order to reorganize the surveillance institutions banking, financial and insurances systems almost 3 of the financial markets concern the following: billions of US Dollars, aiming at the rescuing of all which was feasible, without taking any punishment 1. Surveillance of the companies, the products measures against the bankers and the capitalists and the practices by the Federal Reserve; who have got non-performing mortgage loans. 2. Establishing of the capitalization and of the liquidity level of the financial companies; Consequently, in our opinion, when administering 3. The complete monitoring (chronological, State aid it should be maintained the equilibrium systematic and methodical) of the whole between the social, political and economic issues, American banking system; and the competition theory (Adam Smith's doctrine 4. Entrusting the Central Administration of the of the invisible hand, 240 years old) became more USA with the power of breaking financial and more obsolete. In this respect, we could companies if their business pattern is bringing present some evidence: about and inducing risks into the whole system.
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12 Am vzut c n centrul reformei din Statele Unite se afl regndirea rolului Bncii Centrale Rezerva Federal, care va primi puteri sporite pentru a verifica i superviza juctorii financiari majori i de a sparge companii dac interesul naional cere, n interesul tuturor consumatorilor. Crearea unor instrumente prin care decidenii politici i agenii de reglementare a pieelor intervin n economie nu nseamn oare moartea doctrinei lui Adam Smith ? Mesajul nostru este simplu i concret: statul are

obligaia s intervin pe orice pia pentru prevenirea declanrii unei crize de anvergura celei pe care o traversm i noi din octombrie 2008 i probabil se termin n 2010.
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13 We've already seen that the core of the USA reform has been to revise the role of the Federal Reserve, which will be entrusted with increasing powers, in order to verify and survey the major financial players and to break companies, if requested by the national interest, in the benefit of all the consumers. Creating instruments to help the political decision makers and the market regulators to intervene into the economy system doesn't really mean the death of the Adam Smith doctrine? Our message is both simple and concrete: the State has the duty to intervene into any market, in order to forestall the starting of a crisis having the same proportions as the current one, which begun in October 2008, and will probably end in 2010.
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14

REEAUA NAIONAL DE AJUTOR DE STAT PROGRAMUL RENAS MPREUN VOM FI O ECHIP PENTRU VIITOR . REEAUA NAIONAL DE AJUTOR DE STAT PROGRAMUL RENAS. MPREUN VOM FI O ECHIP PENTRU VIITOR
9

tefan SABU
Rezumat Este binecunoscut faptul c acordarea ajutoarelor de stat necesit un control foarte amnunit pentru a se asigura meninerea unui mediu concurenial echilibrat, premis a competiiei libere i corecte n cadrul Pieei Unice Europene. Acordarea de faciliti agenilor economici nu reprezint, uneori, soluia cea mai bun pentru rezolvarea problemelor cu care acetia se confrunt. Resursele statului, indiferent de forma sub care se prezint sau de sursa bugetar din care provin, sunt limitate, iar acordarea ajutoarelor de stat nu face dect s diminueze fondurile care, altfel, ar putea fi alocate pentru educaie, sntate, securitate naional i social, infrastructur, etc. Acordarea nejustificat a ajutoarelor de stat conduce, finalmente, la scderea concurenei globale n spaiul reprezentat de Piaa European, la existena pe pia a unor companii care nu sunt suficient pregtite pentru o asemenea concuren i la preuri crescute pentru ceteni. Reglementrile comunitare n materia ajutorului de stat au rolul de a limita efectele potenial negative ale acordrii ajutoarelor de stat i de a orienta resursele publice spre regiunile slab dezvoltate, respectiv sectoarele sau proiectele considerate prioritare pentru dezvoltarea regional i european, n ansamblul su. Dezvoltarea economic perpetu, creterea i diversificarea produciei, inovarea i schimbarea continu a mediului geopolitic la nivel mondial i european conduc, periodic, la necesitatea revizuirii politicii economice a Uniunii

Europene i, implicit, la necesitatea modificrii i completrii cadrului legal de acordare a ajutoarelor de stat. Pornind de la aceste considerente, Comisia European subliniaz n Planul comunitar de aciune n domeniul ajutorului de stat 2005-2009 necesitatea creterii rolului Statelor Membre n ceea ce privete implementarea regulilor comunitare n domeniul ajutorului de stat, n paralel cu monitorizarea i controlul eficient al facilitilor deja acordate. n acelai timp, se pune accent i pe creterea eficienei i transparenei procedurilor n materia ajutorului de stat, n special prin stabilirea unor puncte de contact cu Comisia European, la nivelul fiecrui Stat Membru i prin crearea unor reele de ajutor de stat la nivel naional. Cuvinte cheie: ajutor de stat, programul RENAS, monitorizare, reglementri.
9

Inspector de concuren, Inspectoratul de concuren al municipiului Bucureti i al judeului Ilfov


10

OUG nr.117/2006 privind procedurile naionale n domeniul ajutorului de stat, publicat n Monitorul Oficial al Romniei nr. 1042 din 28.12.2006.
11

Legea nr. 137/2007 pentru aprobarea OUG nr. 117/2006 privind procedurile naionale n domeniul ajutorului de stat, publicat n Monitorul Oficial al Romniei nr. 354 din 24.05.2007.

Consiliul Concurenei - punct naional de contact pe probleme de ajutor de stat cu 1 ianuarie 2007, Consiliului Concurenei i-a fost atribuit rolul de punct de contact n relaia dintre Comisia European i autoritile i instituiile Potrivit prevederilor Ordonanei de Urgen a publice, ali furnizori i beneficiarii de ajutor de
10

Guvernului nr. 117/2006 , aprobat cu modificri


11

stat.

i completri prin Legea nr. 137/2007 , ncepnd


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15
12

tefan SABU
13

Abstract It is well-known that State aid granting supposes an in-depth control in order to ensure a well-balanced competitive environment, a requirement for a fair competition within the European Single Market. Sometimes, granting facilities to undertakings doesn't represent the best solution for solving the problems they are dealing with. State resources, howsoever the form they are taking or the budgetary source they are coming from, are limited, and granting State aid makes funds to be decreasing, funds that, otherwise, would be allocated for education, health, national and social security, infrastructure, etc. The insubstantial State aid granting will finally lead to global competition deflation within the Single European Market, and will also lead to companies that are not sufficiently prepared for such competition and involving increased prices for citizens. Community regulations on State aid have the role to limit potentially negative effects of State aid granting and to direct public resources to less-developed regions, namely sectors or projects that are considered a priority for European and regional development. The ongoing economic development, the increasing and diversification of production, innovation and permanently change of the international and European geopolitical environment periodically lead to the necessity of reviewing European Union economic policy and, implicitly, to the necessity of modification and completion of the legal framework of state aid granting. Taking all of these into consideration, in the Community State Aid Action Plan for 2005-2009, European Commission underlines both the necessity of increasing the role of Member States concerning the implementation of Community rules on State aid, and effective monitoring and control of already granted facilities. Meanwhile, it is of a great importance both the increasing of the efficiency and transparency of state aid procedures, especially by pointing out some contacts with European Commission, at every Member State level, and organising national state aid networks. Keywords: State aid, NSAN Programme, monitoring, regulations.
12

Competition inspector, Territorial Competition Inspectorate of Bucharest and Ilfov.


13

Translated into English by Raluca Filip.


14

GEO no.117/2006 concerning national procedures on State aid, published in the Romanian Official Journal no. 1042/28.12.2006.
15

Law no. 137/2007 for the approval of GEO no. 117/2006 concerning national procedures on state aid, published in the Romanian Official Journal no. 354/24.05.2007.

Competition Council - national contact point on State aid matters

st

the1 of January 2007, the Competition Council is the national contact point between the European Commission and the public authorities and According to Government Emergency Ordinance institutions, other grantors and State aid
14 15

no. 117/2006 , approved by Law no. 137/2007 beneficiaries. with modifications and completions, starting with
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16 De asemenea, n conformitate cu prevederile Schimbarea relaiilor dintre furnizori, Consiliul aceluiai act normativ, Consiliul Concurentei ofer Concurenei i Comisia European, ca efect al consultan de specialitate n vederea ntocmirii aderrii Romniei la Uniunea European a notificrilor sau informrilor naintate Comisiei demonstrat, n ultima perioad, necesitatea Europene, colaboreaz cu furnizorii de ajutor de mbuntirii relaiilor de colaborare dintre stat n vederea ntocmirii de acte normative prin instituiile romneti cu atribuii n domeniul care se instituie scheme sau ajutoare de stat acordrii, raportrii i monitorizrii ajutoarelor individuale, asigur diseminarea legislaiei de stat. comunitare i a experienei acumulate de experii Consiliului Concurenei n domeniul ajutorului de Pentru perioada urmtoare, absorbia fondurilor stat, vegheaz asupra respectrii regulilor n comunitare reprezint una dintre cele mai domeniu, monitoriznd permanent cadrul legal de importante probleme ale Romniei. Necesitatea acordare a ajutoarelor de stat, precum i elaborrii de scheme de ajutor de stat n vederea respectarea deciziilor proprii sau a celor emise de implementrii programelor operaionale finanate Comisia European n acest domeniu. din fondurile comunitare, impune o conlucrare mai strns ntre organismele cu responsabiliti n acest domeniu (Ministerul Economiei i Finanelor, ministerele de linie, autoritile de management i or ga n ism e l e in t e r m e dia re ) i Co nsil iu l Concurenei. Din punct de vedere legal, exist dou paliere instituionale care pot acorda faciliti de natura Totodat, creterea exigenelor Comisiei Europene ajutorului de stat agenilor economici, respectiv: n ceea ce privete supravegherea ultimelor faze ale procesului de privatizare din Romnia implic, de a. Palierul guvernamental: facilitile pot fi asemenea, necesitatea unei colaborri mai strnse acordate de ctre Guvern sau de ctre ministere, ntre AVAS i Consiliul Concurenei. autoriti i instituii publice din subordinea acestora, prin diverse acte normative (hotrri de De asemenea, nu trebuie neglijat faptul c, guvern, ordonane sau ordonane de urgen, acordarea de faciliti de natura ajutorului de stat ordine ale minitrilor, memorandumuri etc.); de ctre furnizori, fr respectarea reglementrilor comunitare n domeniu, poate atrage dup sine b. Palierul autoritilor locale: consilii judeene deschiderea de investigaii de ctre Comisia i locale. European, care se pot finaliza prin decizii de recuperare a ajutorului incompatibil cu prevederile Pn la aderarea Romniei la Uniunea European, Tratatului CE, inclusiv a dobnzilor aferente colaborarea Consiliului Concurenei cu periodei n care beneficiarul a utilizat ajutorul ministerele i autoritile i instituiile acordat ilegal. Acordarea ajutorului de stat, fr reprezentate la nivel naional s-a realizat i prin respectarea reglementrilor comunitare n intermediul comitetelor inter-ministeriale domeniu poate, astfel, s nu conduc la organizate lunar. soluionarea unui eec al pieei i, n schimb, s aib un efect devastator asupra ntreprinderii beneficiare. Nu de puine ori, o astfel de ntreprindere, confruntat cu obligativitatea rambursrii n termen scurt a facilitilor acordate ilegal, a fost nevoit s i ntrerup activitatea i s Colaborarea inter-instituional necesar pentru implementarea i monitorizarea respectrii regulilor de ajutor de stat n Romnia
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17

Also, accordingly to the provisions of the normative As an effect of the accession of Romania to the act, the Competition Council offers professional European Union, the change of relations between assistance for drafting the notifications and grantors, the Competition Council and the information that are forwarded to the European European Commission lately lead to the necessity Commission, cooperates with State aid grantors for of improving the cooperation relations between drafting normative acts that contain State aid the Romanian institutions with responsibilities schemes or individual State aids, promotes on State aid granting, reporting and monitoring. Community legislation and the experience gained One of the most important problems for Romania is by the Competition Council's experts on State aid, the absorption of Community funds. The necessity observes the application of State aid rules, by of drafting State aid schemes in order to implement permanently monitoring the legal framework on the Operational Programmes financed by the granting State aid and the observance of Community funds, imposes a tighter cooperation Competition Council's or European Commission's between the organizations with responsibilities in decisions on state aid. the State aid field (Ministry of Economy and Fin a n c e , M a n a g e m e n t A u t h o r it ie s a n d Intermediary Bodies) and the Competition Council. Legally speaking, there are two types/levels of Also, the increase of the European Commission's institutions that can grant facilities of state aid demands concerning the monitoring of the last nature, to undertakings, respectively: phases of the Romanian privatization process also implies the necessity of a tighter cooperation a. The Government level: facilities can be between AVAS and Competition Council. granted by the Government or ministries, public authorities and institutions subordinated to It is not to be neglected that granting facilities of ministries, through different normative acts State aid nature without observing the Community (Government decisions, Government ordinances regulations in this field, can lead to investigations of or Government emergency ordinances, ministries' the European Commission that can be finalized by orders, memoranda etc.); declaring a State aid incompatible with the EC Treaty through a recovery decision, including the b. The local authorities' level: county and local rates for the time the beneficiary used the illegal councils. aid. Granting State aid, without observing Community regulations in this field, can not lead to Before the accession of Romania to the European a market failure but can have a terrible effect on the Union, the collaboration of the Competition beneficiary. There were many cases when the Council with ministries and national authorities beneficiary confronted the obligation of and institutions, was also made through interreimbursement of illegal State aid in a short time ministerial committees organized monthly. was obliged to stop its activity and to start the insolvency procedure. Cooperation between institutions necessary for the implementation and monitoring of the observance of State aid rules in Romania
2/20092/2009

18 intre n procedur de insolven sau lichidare. comunitare n domeniu i a reducerii riscurilor de Toate aceste considerente demonstreaz, fr echivoc, necesitatea crerii unui parteneriat real i permanent ntre Consiliul Concurenei, n calitatea sa de organism de specialitate n domeniul ajutorului de stat i de punct de contact cu Comisia European n acest domeniu, i experii implicai n probleme de ajutor de stat din structurile furnizorilor. Fr acest parteneriat,

a rii, n condiiile respectrii legislaiei afectare a concurenei i a comerului cu Statele Membre ale Uniunii Europene. Pentru atingerea acestui obiectiv, Programul vizeaz crearea unui colectiv de lucru, la nivel naional, care s grupeze experii n ajutor de stat din cadrul Consiliului Concurenei i pe cei

angajai n cadrul instituiilor furnizoare de implementarea i respectarea regulilor de ajutor de ajutor de stat, pentru a se facilita o mai bun stat n Romnia se va realiza cu o mai mare colaborare ntre acetia. Efectele implementrii dificultate, ntr-un timp mai ndelungat, iar riscul de Programului urmeaz a se concretiza n creterea distorsionare a mediului concurenial, ca efect al gradului de informare i contientizare a nerespectrii reglementrilor n domeniu, va crete furnizorilor asupra problematicii ajutorului de stat, considerabil. precum i ntr-un numr sporit de acte normative i administrative care implementeaz faciliti Experiena anterioar a Statelor Membre a artat acordate ntreprinderilor, compatibile cu normele ct de important este asigurarea unei legturi legale naionale i comunitare n materie, n permanente, inclusiv la nivel informal, ntre condiii de eficien i de reducere a perioadei de experii din cadrul autoritii naionale cu timp ce se scurge ntre momentul elaborrii competene n domeniul ajutorului de stat i cei ai proiectelor i data implementrii lor efective. furnizorilor de ajutor de stat. Astfel, specialitii prezeni la Consiliul Concurenei n cadrul Programului de Twinning au promovat, pentru prima dat n Romnia, conceptul de reea n Principala component a Programului o reprezint domeniul ajutorului de stat, ca o modalitate de a realizarea unei pagini de web dedicat promova colaborarea inter-instituional dintre problematicii ajutorului de stat, pagin de web care autoritatea naional de reglementare n domeniul intenioneaz s pun la dispoziia persoanelor ajutorului de stat, Consiliul Concurenei, i interesate o cantitate important de informaii furnizorii de ajutor de stat ce opereaz att la nivel legislative, jurispruden, bune practici etc., n central, ct i la nivel local sau regional. limba romn. Gruparea ntregului material documentar n cadrul acestei pagini de web va conduce, finalmente, la crearea unui veritabil punct naional de informare n domeniul ajutorului de stat. De asemenea, n cadrul Programului se va crea o Plecnd de la ideea crerii unei reele care s aplicaie informatic interactiv, care va permite opereze att la nivel central, ct i la nivel local sau accesul securizat al personalului de specialitate al regional, specialitii Consiliului Concurenei au Consiliului Concurenei i al furnizorilor, oferind elaborat Programul ReNAS care vizeaz acordarea faciliti de colaborare informal, acesta permanent i prompt de asisten tehnic la nivel constituind primul pas n vederea crerii unei informal, instituiilor cu atribuii n acordarea i adevrate echipe, la nivel naional, n domeniul implementarea ajutoarelor de stat din Romnia, n ajutorului de stat. vederea asigurrii dezvoltrii economice i sociale Cum i va atinge Programul ReNAS obiectivele? Reeaua Naional de Ajutor de Stat -Programul ReNAS Ce i propune Programul ReNAS?
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19 All of these facts obviously lead to the necessity of creation a real and permanent partnership between, on the one hand, the Competition Council - as an institution with responsibilities on State aid and contact point with the European Commission in this field -, and, on the other hand, the grantors' experts involved in State aid field. Without this partnership, the implementation and observance in Romania of the State aid rules will be more difficult, will take a longer time, and the risk of distortion of granted to undertakings, compatible with the legal competitive environment will considerably increase. between the moment that the projects are drawn

In order to achieve this objective, the Programme aims to create a working group, at the national level, grouping the State Aid experts from the Competition Council and the State aid grantors, in order to ensure a better collaboration between them. The effects of the Programme's implementation should materialize in increasing the grantors' knowledge on State Aid matters, as well as in increasing the number of the legal and administrative acts which implement facilities national and Community standards, in conditions of efficiency and of reducing the period of time

The previous experience of the Member States up and the date of their effective implementation. proved how important is to have a good and permanent cooperation, including in an informally manner, between all the experts on State aid. The experts within the Twinning Project, which is being The main part of the Programme is to design a web carried out at the Competition Council, promoted page on the State Aid matter, offering to interested for the first time in Romania the concept of persons an important amount of legislative national State aid network, as a way of promoting information, jurisprudence, best practice etc., in the cooperation between institutions involved in Romanian. Grouping the entire documentary State aid. material within this web page will finally lead to creating a real national informing point on State aid. Furthermore, an interactive data processing application will be created within the Programme, Starting from the idea of creating a network allowing secured access for the Competition operating both at central and local or regional level, Council and the grantors' experts, offering informal the Competition Council experts drawn up the cooperation facilities - the first step in building a NSAN Programme which aims at a permanent and real team in the State Aid field at national level. prompt granting of technical assistance, at an informal level, for the institutions with competences in granting and implementing State aids in Romania, in order to ensure our country's economic and social development, providing that the Community legislation in the field is observed and that the risks of affecting the competition and the trade with EU Member States are reduced. How will the NSAN Programme achieve its objectives? The National State Aid Network NSAN Programme What is the aim of the NSAN Programme?
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20 Aa cum am mai spus, programul ReNAS pune accentul pe profesionalizarea experilor n domeniul ajutorului de stat, mai ales a celor care activeaz la nivel local, indiferent c este vorba de personalul Consiliului Concurenei din cadrul aparatului teritorial sau de specialitii din cadrul administraiei publice locale. n cadrul programului ReNAS sunt organizate seminarii i sesiuni de formare profesional periodice n fiecare zon de dezvoltare a Romniei. ajutorului de stat pentru perioada 2005 2009, ct Continund o tradiie lansat de Consiliul Concurenei n anul 2006, Programul ReNAS promoveaz ntlnirile periodice ntre experii pe probleme de ajutor de stat din cadrul Consiliului Concurenei i cei care activeaz n cadrul ministerelor, ageniilor i altor autoriti din cadrul administraiei publice centrale. n cadrul acestor ntlniri, specialitii Consiliului Concurenei au posibilitatea de a disemina ultimele informaii referitoare la modificarea i completarea legislaiei comunitare n domeniu, precum i o excelent oportunitate de a analiza i discuta cazuri concrete,

Pentru anul 2009, Programul ReNAS intenioneaz s continue activitatea de diseminare de cunotine i expertiz n domeniul ajutorului de stat, fiind programate s apar alte dou ghiduri pe teme de larg interes pentru furnizorii de ajutor de stat. De asemenea, datorit modificrii i completrii n ritm alert a legislaiei comunitare n domeniul ajutorului de stat, att ca efect al operaionalizrii Planului comunitar de aciune n domeniul i ca efect al crizei economice i financiare ce se resimte la nivel global, Programul ReNAS intenioneaz s editeze i s tipreasc n anul 2009 un al treilea volum al culegerii de legislaie, care va include toate modificrile i completrile legislaiei comunitare n domeniul ajutorului de stat implementate de Comisia European dup 1 octombrie 2008.

Conceput i operaionalizat de experii n

aflate n analiz la nivel naional sau supuse analizei domeniul ajutorului de stat din cadrul Consiliului i autorizrii Comisiei Europene. Concurenei, Programul urmeaz s se desfoare pe o perioad de mai muli ani, demarnd efectiv Diseminarea informaiilor i evoluiilor legislative n a doua parte a anului 2008. Finalizarea comunitare se realizeaz, de asemenea, i sub Programului este programat pentru data de 31 form tiprit. n acest sens, la sfritul anului decembrie 2010, existnd posibilitatea de 2008, Consiliul Concurenei a editat i tiprit, sub prelungire a acestuia, n funcie de rezultatele edgida Programului ReNAS, o culegere de concrete, de nevoile Consiliului Concurenei i de legislaie, n dou volume, intitulat Cadrul reacia partenerilor-instituii furnizoare de ajutor comunitar i naional n domeniul ajutorului de de stat. stat i dou ghiduri: Dat fiind durata mare de derulare a ReNAS, Categorii de ajutoare de stat exceptate de la programul a fost conceput modular i flexibil, obligaia notificrii; existnd posibilitatea ajustrii modului de derulare Ajutorul de stat n cazul vnzrilor de n funcie de modificarea nevoilor instituiei i de terenuri i cldiri de ctre autoritile feed-back-ul primit n urma activitilor derulate. publice. Datorit complexitii tematicii abordate, proiectul ReNAS va fi implementat printr-un numr de 4 proiecte: Perioada de implementare a Programului ReNAS
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21 As it was said before, the NSAN Programme is For 2009, the NSAN Programme intents to aiming at improving the level of expertise of the continue the dissemination of knowledge and State Aid specialists, especially those activating at expertise: the publishing of two additional guides local level, no matter if they are Competition on issues of great interest for the State aid grantors. Council inspectors within the territorial Taking into account the fast rhythm of inspectorates or specialists from the local public modifications and completions of the Community administration. Within the NSAN Programme, State aid legislation, as an effect of the come into regular seminars and trainings are organized in force of the State Aid Action Plan for 2005-2009 every development area from Romania. and of the economic and financial crisis, in 2009, Carrying on a tradition launched by the the NSAN Programme intents to draft the third Competition Council in 2006, the NSAN volume of the legislation collection including all the Programme promotes regular meetings between modifications and completions of the Community the State aid experts from the Competition Council State aid legislation implemented by the European
st

and those from the ministries, agencies and from Commission after the 1 of October 2008. other authorities within the central public administration. During these meetings the Competition Council's experts have the opportunity to disseminate the latest information Drafted and put into practice by the experts on regarding the modification and the completion of State aid from the Competition Council, the the Community legislation in the area, as well as an Programme intends to develop on many years from excellent opportunity to analyze and to discuss real now, and it was put into practice effectively during cases, in analysis at national level or submitted to the second semester of 2008. The deadline of this the European Commission for analysis and Programme is to be 31 December 2010, with the authorization. possibility of prolongation, depending on the concrete results, the Competition Council needs The dissemination of the information and and the reaction of the partners that are institutions legislative evolutions is also made through printed involved in state aid field. materials. In this regard, at the end of 2008, the Competition Council published, within the NSAN Programme, a legislation collection, in two Taking into consideration the long period of the

volumes, named National and Community NSAN Programme, it will be flexible and modular. Framework in the State Aid field and two guides: The running period can be adjusted depending on the modification of the institution's needs and the State Aids exempted from notification; feedback received as a result of the activities of the State Aid in the case of lands and buildings Programme. sold by the public authorities. NSAN will be implemented through 4 projects, taking into account the complexity of the themes that are covered by the Programme: The implementation period of the NSAN Programme
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22 Proiect Aplicaia informatic Reeaua Naional de Ajutor de Stat (AI ReNAS); Proiect Pregtire profesional personal ReNAS (PROF-AID); Proiect Definirea de politici i modaliti concrete de aciune n cadrul ReNAS (POLReNAS); Proiect O nou cultur a ajutorului de stat n Romnia (AID ADVOCACY). Datorit complexitii programului, nu este posibil implementarea tuturor proiectelor acestuia simultan, pe toate palierele. De aceea, Proiectele AI ReNAS i PROF-AID din cadrul Programului vor fi implementate esalonat, astfel: etapa central (ministere, autoriti naionale, AVAS, ARIS etc); etapa regional extinderea ariei de implementare prin cooptarea Consiliilor Judeene din Romnia i la Consiliile Locale ale Primriilor sectoarelor 1 - 6 din Municipiul Bucureti; etapa local - presupune extinderea ariei de implementare, prin cooptarea Consiliilor municipale din cele mai importante centre urbane din Romnia. Avem convingerea ca sub sloganul ECHIP PENTRU VIITOR vom reui s realizm un parteneriat inter-instituional care s rspund necesitii implementrii unitare, la toate nivelurile a regulilor comunitare n domeniul ajutorului de stat.
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23 Project IT Application National State AidNetwork (Al NSAN); Project Personal Professional Improvement ofNSAN experts (PROF-AID); Project Definition of concrete ways of action politics within NSAN (POL-NSAN); Project A new State aid culture in Romania (AID ADVOCACY). It is not possible to implement all the projects simultaneously at all levels because of the complexity of the Programme. This is the reason why Al NSAN and PROF-AID Projects will be implemented gradually: the central phase (ministries, national authorities, AVAS, ARIS, etc.); the regional phase the extension of the implementation area by involving in this

Programme The County Councils from Romania, Bucharest included; the local phase supposes the extension of the implementation area by involving in this Programme all the most important cities' councils. We are convinced that under A TEAM FOR THE FUTURE we will create a partnership that will respond to the necessity of a uniform implementation at all levels of Community state aid rules.
2/20092/2009

24

PIAA IMOBILIAR: DECLANATORUL CRIZEI SAU VICTIM COLATERAL? PIAA IMOBILIAR: DECLANATORUL CRIZEI SAU VICTIM COLATERAL?
16

Paul PRISECARU
Rezumat Ciclurile economice i evoluia pieelor imobiliare sunt tot mai puternic corelate, n special datorit pieelor financiare i evoluiilor demografice. Criza japonez de la nceputul anilor 1990 i recenta criz subprime din Statele Unite reprezint dou exemple edificatoare asupra impactului economic al supraevalurii activelor imobiliare i al calculrii greite a riscului pentru creditele ipotecare. ntre cele dou crize exist elemente de asemnare, cum ar fi mitul stabilitii preurilor terenurilor, dar i elemente de deosebire, cel mai important fiind legat de modul de executare a ipotecilor. Datorit unor elemente specifice insuficient nelese, precum i datorit unor ineficiene structurale, pieele imobiliare pot constitui i n viitor, att fitilul de aprindere al unor noi crize, ct i victima colateral a acestora. Cuvinte cheie: cicluri economice, stabilitatea preurilor, riscuri, credite ipotecare subprime, factori psihologici, criz global.

Teoria macroeconomic a reuit s creeze de-a lungul timpului cele mai mari disensiuni n rndul economitilor, spre deosebire de microeconomie unde opiniile breslei tind spre o uniformitate aproape plicticoas. Una dintre cele mai importante probleme, rmas aparent fr rspunsuri clare, cu care se confrunt tiina economic i societatea capitalist n general, este legat de aa-numitele cicluri economice. Diversele teorii aprute n ultimul secol nu pot fi rezumate aici, dar principalele curente de gndire s-au axat fie pe teoria monetarist (coala de la Chicago i coala austriac), fie pe teoria

american de origine rus, Simon Kuznets. Astfel, conform celor doi economiti fluctuaiile economice sunt clasificate dup cum urmeaz: 1. 2. Ciclurile Kitchin (descoperite iniial de Joseph Kitchin) care dureaz 3-5 ani i se datoreaz fluctuaiilor stocurilor. Ciclurile Juglar (descoperite iniial de Clment Juglar) care dureaz 7-11 ani i sunt legate de investiiile efectuate de antreprenori n bunuri de capital. Ciclurile Kuznets care dureaz 15-20 ani i sunt determinate de schimbrile demografice.

3.

keynesist. 4. Valurile Kondratieff (descoperite de statisticianul rus Nikolai Kondratieff) care Studiind fluctuaiile majore ale activitii dureaz 45-60 ani i se datoreaz inveniilor i economice, marele economist austriac Joseph inovaiilor revoluionare. Schumpeter, care nu aparine doctrinar niciunei mari coli de gndire economic, a sintetizat n Legtura dintre evoluia pieei imobiliare i mod elegant observaiile statistice legate de fluctuaiile economice a fost explicat n trecutul
17

ciclurile economice . Acesta a fost completat nu foarte ndeprtat prin intermediul ciclurilor ulterior de laureatul Premiului Nobel, economistul Kuznets, iar cea dintre piaa imobiliar i fluctuaiile
16

Inspector de concuren, Direcia Servicii.


17

Joseph Alois Schumpeter, Business Cycles: A Theoretical, Historical, And Statistical Analysis of the Capitalist Process, Martino Pub, 2005.

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25

THE REAL ESTATE MARKET: CRISIS TRIGGER OR COLLATERAL VICTIM? THE REAL ESTATE MARKET: CRISIS TRIGGER OR COLLATERAL VICTIM?
18

Paul PRISECARU
19

Abstract Business cycles and real estate market movements are stronger correlated, especially due to financial markets and demographic dynamics. The Japanese crisis that started at the beginning of the 1990s and the recent subprime crisis in the United States represent two illustrative examples for the economic impact of real estate overvaluation and of mortgage risk miscalculation. Between the two crises there are resemblances, like the land price stability myth, but there are also distinctions, and the most important regards the way that mortgages were executed. Because of specific elements insufficiently understood, and also because of structural inefficiencies, the real estate markets can also constitute in the future, the fuse to start new crises or their collateral victim. Keywords: business cycles, price stability, risks, subprime mortgages, psychological factors, global crisis.

Macroeconomic theory managed to create, in the course of time, the greatest debates among economists, in contrast with microeconomic theory where the guild's opinions tend to an almost boring uniformity. One of the most important problems that remains, apparently, without any clear answer and with which the economic science and the capitalist society, in general, are confronted, regards the so called
20

economist Simon Kuznets. Thereby, according to the two economists, business cycles are classified as follows: Kitchin cycles (initially discovered by Joseph Kitchin) that last for 3-5 years and are due to changes in business inventories. 2. Juglar cycles (first discovered by Clment Juglar) that last for 7-11 years and are associated with entrepreneurs' investments in capital goods. 1.

business cycles . The various theories that emerged in the last century can not be resumed

here, but the main doctrines are based either on monetary theory (the Chicago and the Austrian schools), or on Keynesian theory. Russian statistician Nekolai Kondratieff) that Wh en studying t he maj or e con om ic fluctuations, the great Austrian economist Joseph Schumpeter, that doesn't belong to any major economic school, has elegantly synthesized the statistical observations related to business cycles. Subsequently, his theory was supplemented by the Nobel Prize winner, the American-Russian
18

3.

Kuznets cycles that last for 15-20 years and are determined by demographic changes. 4. Kondratieff waves (initially discovered by are lasting for 45-60 years are due to revolutionary inventions and innovations.

The relationship between real estate market dynamics and business cycles has been explained in the not-so-distant past by the Kuznets cycles and the connection with financial

Competition inspector, Services Directorate.


19

Translated into English by Paul Prisecaru.


20

Joseph Alois Schumpeter, Business Cycles: A Theoretical, Historical, And Statistical Analysis of the Capitalist Process, Martino Pub, 2005.

2/20092/2009

26 de pe pieele financiare a fost legat de ciclurile necorespunztor. Deschiderea manifestat de Juglar. Dei ambele legturi par s-i pstreze creditori s-a datorat unui mit omniprezent n valabilitatea, explicaiile au devenit mai complexe mentalul colectiv din majoritatea statelor cu i acest fapt se datoreaz apariiei unor noi variabile economie de pia: preurile activelor imobiliare care vor fi prezentate n cele ce urmeaz. nu pot s scad. Pentru acoperirea riscurilor a fost creat o ntreag infrastructur financiar care nu a Una dintre cele mai spectaculoase prbuiri ale fcut dect s disperseze aceste riscuri i pieei imobiliare s-a nregistrat n ultimele dou nicidecum s le elimine. Este greu de imaginat decenii n Japonia. Este de notorietate faptul c la mecanismul prin care o persoan devine solvabil sfritul anilor 80, Palatul Imperial din Tokio era doar pentru c mprumutul su este mpachetat cu evaluat la paritate cu valoarea total a terenurilor i altele la fel de riscante i apoi este vndut de o cldirilor din statul California, iar un metru ptrat banc de investiii sub form de hrtie de valoare. de teren n centrul capitalei costa aproape un Toi participanii la acest proces, dintre care trebuie milion de dolari. Aceast situaie absurd, care a amintite i creaiile Guvernului Federal American: adus Japoniei dou decenii de stagnare Fannie Mae i Freddie Mac, nu au perceput economic, a fost pus pe seama expansiunii amploarea real a riscurilor datorit mitului maieconomice fr precedent din anii 70 i 80, i a sus amintit bazat pe oferta limitat de bunuri nclinaiei pe care populaia Japoniei a manifestat-o imobiliare i cererea n continu cretere datorit n acea perioad pentru economisire. Avuia creat dinamicii demografice. n acea perioad a fost investit masiv n piaa imobiliar i pe piaa de capital ducnd preurile n tr-adevr, te ren uril e, c are c onst it uie aciunilor i ale proprietilor la niveluri fundamentul pieei imobiliare, reprezint o marf nesustenabile. ncepnd cu 1990 aceste preuri au limitat cantitativ. ns nu aspectul cantitativ suferit corecii dramatice i au determinat presiuni agregat este cel care conteaz cu adevrat, dintr-un deflaioniste greu de controlat. n prezent, dovada motiv foarte simplu: terenurile pe care exist vie a persistenei acestui fenomen este construcii reprezint o pondere infim din totalul reprezentat de dobnda cheie a Bncii Centrale a de terenuri construibile. Deci, oferta potenial Japoniei situat la nivelul de 0,1%, unul dintre cele agregat este impresionant n raport cu oferta mai sczute dintre toate economiile dezvoltate ale concret din prezent. Mai mult, dac acest lucru nu lumii. Dincolo de cauzele pur economice, bncile va mai fi valabil la un moment dat, iar terenurile vor japoneze au refuzat, din motive legate de tradiie deveni insuficiente pentru a face fa exploziei naional, s execute ipotecile celor care nu i-au demografice, este greu de crezut c preurile
21

mai achitat ratele . Acesta a fost practic un cost


22

terenurilor vor putea rivaliza cu preurile apei potabile, hranei sau energiei . Astfel, ceea ce conteaz cu adevrat este calitatea terenurilor, urbane cu infrastuctur i servicii moderne. Un studiu efectuat de profesorul american Robert

asumat la nivel naional care a condus la prelungirea crizei. respectiv amplasarea acestora fa de zonele Criza suprime, declanat n vara anului 2007 n Statele Unite a reprezentat un precedent diferit de cel japonez i a fost determinat de un numr
23

impresionant de factori care au acionat pentru a Shiller a artat faptul c n secolul trecut, mai precis n perioada 1890-1990, preurile locuinelor crea o situaie aparent fr ieire. Creditele din Statele Unite, ajustate cu inflaia, au avut un subprime au fost acordate persoanelor care nu se randament total foarte apropiat de 0%. n aceeai ncadrau n condiiile necesare pentru a obine un perioad, populaia Statelor Unite a crescut cu credit ipotecar normal datorit situaiei financiare 300%, PIB-ul cu 3200% i indicele Dow Jones

precare sau istoricului de creditare


21

Alan Greenspan, Era Turbulenelor, Publica, 2008.


22

Robert J. Shiller, The Subprime Solution, Princeton University Press, 2008.


23

Profesor de economie la Universitatea Yale i, alturi de Karl Case, unul dintre cei doi fondatori ai celui mai cunoscut indice imobiliar din lume: Standard & Poor's Case-Shiller.

2/20092/2009

27 markets fluctuations has been attributed to Juglar ubiquitous in the collective psychology in countries cycles. Although both connections seem to have with market economies: the myth that real estate conserved their validity, the explanations have asset prices can't drop. An entire financial become more complex and this is due to new infrastructure created to cover the risks managed variables that are going to be presented in the only to scatter them and not to eliminate them. It is following. hard to imagine the mechanism by which a person becomes solvent just because his mortgage gets One of the most spectacular real estate crashes was packed with others just as risky and then is sold by recorded in the last two decades in Japan. It is well an investment bank as a security. All the known that, at the end of the 1980s, the Imperial participants in this process, and here we must Palace in Tokyo was valued at the same amount of remember the US Federal Government's creations: money as all the land and buildings in California Fannie Mae and Freddie Mac, didn't see the real and one square meter of land in the center of the magnitude of the risks because of the abovecapital city was worth almost one million dollars. mentioned myth based on the limited supply of real This absurd situation that led Japan to two decades estate the continuing growth of demand due to of economic stagnation, was blamed on the demographic dynamics. unprecedented economic growth in the 1970s and 1980s, and on Japanese's propensity to save that Indeed, the land that represents the real estate developed in those years. The wealth created in market fundamental component, is a limited that period was massively invested in real estate commodity. But the aggregate quantitative aspect is and on the stock-exchange, driving stock and not the one that really matters for a very simple property prices to unsustainable levels. Starting reason: the land that is built on represents only a with 1990 these prices suffered dramatic small fraction from the total land that can be built adjustments and they determined hard to control on. Therefore, the potential aggregate supply is deflationary pressures. In the present time, the impressive in proportion to the present real supply. living proof of this phenomenon's persistence is Moreover, if this thing will no longer be valid at a represented by the Bank of Japan's key interest rate moment in the future, and the land becomes that stands at 0.1% - one of the lowest levels among insufficient to support the population growth, it is all of the world's developed countries. Besides hard to believe that real estate prices could then purely economic causes, Japanese banks refused, compete with the prices for fresh water, food or
25

on grounds of national tradition, to apply foreclosure procedures on those persons that didn't
24

energy . Thus, what really matters is the quality of the land, respectively the location near urban areas with modern infrastructure and services. A study carried out by American professor Robert precisely in the period 1890-1990, the inflation adjusted home prices in United States had a total return of almost 0%. In the same period, the US population grew by roughly 300%, the GDP increased by 3200% and the Dow Jones Industrial Average by 7000%. Even though the population, the productivity and the wealth had spectacularly increased, the real estate asset prices always tended to return to the historic average. Practically, in the

pay their mortgage installments . This was practically an assumed cost at a national level that extended the crisis.
26

Shiller showed that in the last century, more The subprime crisis that started in the summer of 2007 in the United States represents a different precedent from the Japanese crisis and it was determined by an impressive number of elements that converged into creating an apparent trap. The subprime mortgages were sold to people that were not eligible for obtaining a normal mortgage due to financial distress or bad credit history. The lenders' flexibility was determined by a myth that is
24

Alan Greenspan, Era Turbulenelor, Publica, 2008.


25

Robert J. Shiller, The Subprime Solution, Princeton University Press, 2008.


26

Professor of Economics at Yale University and, along with Karl Case, one of the two founders of the most notorious real estate index in the world: The Standard & Poor's Case-Shiller Index.

2/20092/2009

28 Industrial Average cu 7000%. Chiar dac total a unei persoane. La rndul lor, companiile populaia, productivitatea i avuia au cunoscut cumpr terenuri i cldiri pentru a-i desfura creteri spectaculoase, preul activelor imobiliare a activitatea, dar aceste terenuri i cldiri pot fi avut ntotdeauna tendina de a se ntoarce ctre percepute ca investiii n sine i reprezint o parte media istoric. Practic, pe termen lung, preurile important din activul majoritii firmelor. locuinelor cresc doar ntr-o strns corelare cu inflaia, n ciuda fluctuaiilor masive din unele

perioade. Cu toate acestea, mitul legat de stabilitatea preurilor pe piaa imobiliar nu este n totalitate fals. Exist demonstraii valide care atest existena Toate tranzaciile imobiliare se desfoar pe o unei rigiditi structurale a preurilor pe aceast pia care este caracterizat prin asimetrii pia, acest fapt datorndu-se factorilor psihologici informaionale, costuri ridicate de tranzacionare, i specificului activelor imobiliare. Aceast preuri rigide, fluctuaii masive de lichiditate i lips stabilitate este ns aparent pentru c preurile de transparen. Aceste elemente reprezint factori relative pot fi rigide doar pe termen scurt. de risc pentru participanii la pia, indiferent de poziia n care se afl, respectiv de vnztor, Pieele imobiliare europene au fost i ele lovite cumprtor sau creditor. Cu excepia rigiditii puternic de acest val. n aceeai zi n care Consiliul preurilor, care se datoreaz factorilor psihologici, Concurenei declana investigaia pentru toate sursele de ineficien enumerate mai sus pot analizarea pieei imobiliare i a serviciilor conexe, fi ameliorate sau chiar eliminate cu ajutorul respectiv 1 aprilie 2008, Standard & Poor's publica serviciilor conexe. Dac pieele pentru servicii de un raport de prognoz care avertiza asupra natur juridic, de intermediere, de evaluare sau coreciilor iminente ale principalelor piee tehnice sunt deschise competiiei ele vor/pot imobiliare europene. Scderile de preuri fuseser genera calitate i preuri mai reduse care pot avea anticipate anterior de mai multe instituii financiare un impact semnificativ asupra eficienei i importante, printre care i Deutsche Bank revitalizarea pieei imobiliare.
27

Research care a avertizat asupra riscurilor acumulate pe pieele imobiliare din Marea Britanie, Irlanda i Spania nc din 2006.
Alan Greenspan, Era turbulenelor - Aventuri ntr-o lume nou, Publica, 2008. Paul Krugman, ntoarcerea economiei declinului i criza din 2008, Publica,

Rmne ns ntrebarea dac piaa imobiliar este


2009.

o cauz sau un efect al crizei economice din


Robert Lucas jr., Methods and Problems in Business Cycle Theory, Journal of

prezent. Rspunsul cel mai probabil este c ambele


Money, Credit and Banking, Vol. 12, No. 4, Part 2: Rational Expectations (Nov.,

ipostaze sunt valabile, iar acest lucru se datoreaz


1980), pp. 696-715.

n mare msur rolului dublu pe care l joac


Robert Mundell, A Reconsideration of the Twentieth Century, Nobel Prize

activele imobiliare n angrenajul economic, ele


Lecture, Stockholm, 08.12.1999.

fiind att bunuri de consum (ndelungat), ct i


Steven Pressman, Fifty Major Economists, Routledge, 2002.

bunuri de investiii. Aceast dubl caracteristic


Peter Schiff, Crash Proof: How to Profit from the Coming Economic Collapse,

este valabil mai ales pentru sectorul rezidenial,


Wiley & Sons, 2007.

cea mai important component a pieei


Joseph Alois Schumpeter, Business Cycles: A Theoretical, Historical, and

imobiliare. Oamenii cumpr imobile pentru a


Statistical Analysis of the Capitalist Process, Martino Pub, 2005.

locui n ele, dar acest proces are i un caracter


28

Robert Shiller, Irrational Exuberance, Doubleday Business, 2006.

puternic investiional , n special datorit ponderii ridicate pe care o are valoarea locuinei n averea
Robert Shiller, The Subprime Solution: How Today's Global Financial Crisis Happened, and What to Do about It, Princeton University Press, 2008.

* * * n loc de concluzii: Bibliografie


27

Acesta este un think-tank format din profesori i cercettori i sprijinit de Deutsche Bank.
28

Cei care cumpr proprieti imobiliare prin credit percep plata ratelor ca pe un proces de economisire, aceasta fiind o deosebire relativ important fa de percepia de investiie pe care o au cei care cumpr proprieti cu propriile resurse.

2/20092/2009

29 long-run, home prices grow in a tight correlation with inflation, despite massive fluctuations that sometimes occur. However, the myth of real estate price stability is not completely false. There are valid demonstrations that confirm the structural price All the real estate transactions are carried on a rigidity of the real estate market which is market that features information asymmetries, high attributable to psychological factors and the transaction costs, rigid prices, massive liquidity specific characteristic of real estate assets. Yet, this fluctuations and lack of transparency. These stability is apparent because relative prices can only elements yield risk for the market participants no be rigid in the short-run. matter their position as sellers, buyers or lenders. Excepting price rigidity, that is determined by European real estate markets were also badly hurt psychological influences, all the other sources of by this wave. On the same day when the inefficiency that were mentioned above can be Competition Council started the market inquiry on smoothed out or even eliminated with the help of
st

real estate and related services, namely on the 1 of real estate related services. If the markets for legal, April 2008, Standard & Poor's published a forecast brokerage, valuation and technical services are report that predicted imminent adjustments on the opened up to competition they will/can generate main European real estate markets. The price quality and lower prices that can have a significant declines had been previously anticipated by many impact on real estate market's efficiency. important financial institutions, among which we
29

might mention Deutsche Bank Research that warned about the risks accumulated on Great
Alan Greenspan, Era turbulenelor - Aventuri ntr-o lume nou,

Britain, Ireland and Spain's real estate markets since


Publica, 2008.

2006.
Paul Krugman, ntoarcerea economiei declinului i criza din 2008, Publica, 2009.

The question remains whether the real estate market is a cause or an effect of the current economic crisis. The most probable answer is that
Expectations (Nov., 1980), pp. 696-715.

Robert Lucas jr., Methods and Problems in Business Cycle Theory, Journal of Money, Credit and Banking, Vol. 12, No. 4, Part 2: Rational

both instances are correct, and this is due mostly to the double role that real estate assets play in the
Robert Mundell, A Reconsideration of the Twentieth Century, Nobel Prize Lecture, Stockholm, 08.12.1999.

economic gear, namely (long-run) consumer goods and capital goods. This double characteristic is
Steven Pressman, Fifty Major Economists, Routledge, 2002.

valid mostly for residential real estate, the most


Peter Schiff, Crash Proof: How to Profit from the Coming Economic

important component of the real estate market.


Collapse, Wiley & Sons, 2007.

People buy buildings to live in them, but this also


30

has a powerful investment characteristic ,


Joseph Alois Schumpeter, Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process, Martino Pub, 2005.

especially because of the very high weight that home value has in the total equity of a person. At
Robert Shiller, Irrational Exuberance, Doubleday Business, 2006.

the same time, companies buy land and buildings


Robert Shiller, The Subprime Solution: How Today's Global Financial

to carry on their activities, but the land and the


Crisis Happened, and What to Do about It, Princeton University

buildings can be viewed as investments by


Press, 2008.

themselves and they represent an important part in the total asset value for the most companies. * * * Instead of conclusions: Bibliography
29

This is a think-tank comprised of professors and researchers and supported by Deutsche Bank.
30

People that buy real estate with credit have the perception that installment payment is similar with saving, and this is a relatively important difference from the perception of investment that people have when they buy real estate with their own resources.

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30

COMISIA EUROPEAN SANCIONEAZ O COMPANIE GERMAN PENTRU RUPEREA UNUI SIGILIU N CADRUL UNEI INVESTIGAII
31

Sergiu PARA
Rezumat n cadrul unei proceduri de inspecie derulat de Comisia Europeran la compania E.ON Energie AG (E.ON), oficialii europeni au constatat ruperea unui sigiliu care fusese aplicat n ziua anterioar. Sigiliul viza asigurarea securitii documentelor colectate n cadrul inspeciei. Ca urmare a acestui incident, n baza dispoziiilor Regulamentului Consiliului nr.1/2003, organismul comunitar a aplicat companiei E.ON o amend n valoare de
32

38 milioane euro . Cuvinte cheie: inspecie, sigiliu, sanciune.

n perioada 29-30 mai 2006, Comisia European a Inspeciile inopinate reprezint un instrument n efectuat o serie de inspecii inopinate la sediile cadrul investigaiilor i sunt demarate ca urmare a companiilor energetice din Germania. Inspeciile suspiciunilor cu privire la posibila existen a inopinate s-au bazat pe existena anumitor anumitor practici anticoncureniale pe diferite suspiciuni ale Comisiei Europene cu privire la piee. Iniierea de ctre Comisia European a unor nclcarea reglementrilor antitrust din Tratatul CE, astfel de inspecii nu nseamn c ntreprinderile reglementri ce interzic practicile restrictive i/sau vizate sunt implicit vinovate de nclcarea abuzul de poziie dominant (art. 81 i 82 din reglementrilor de concuren. Tratatul CE). Art. 20(2)(d) din Regulamentul 1/2003 confer Comisia European s-a mai confruntat cu incidente Comisiei Europene puterea de a sigila orice incint de obstrucionare a investigaiilor sale, dar acesta a agenilor economici i orice documente n timpul este primul caz de nclcare a reglementrilor inspeciilor inopinate. Aceast prevedere legal are procedurale n care a fost aplicat o sanciune scopul de a garanta faptul c documentele printr-o decizie separat. Pn la aceast spe, incriminatoare nu vor fi sustrase pn n momentul Comisia European lua n calcul nclcrile n care acestea sunt nregistrate i copiate de ctre procedurale exclusiv atunci cnd stabilea sanciuni Comisie. n cazul n care inspeciile au loc in sedile pentru nclcri substaniale ale legii. Sanciunea a unor companii mari, Comisia nu are posibilitatea s fost aplicat prin decizie, la data de 30 ianuarie inregistreze i s copieze documentele colectate n
33

2008 . timpul inspeciei n aceeai zi i, totodat, nu are dreptul s ridice documente originale. Din aceast cauz Comisia deseori depoziteaz toate documentele colectate ntr-o singur ncpere pe care o sigileaz pentru a evita sustragerea lor.
31

Inspector de concuren, Direcia Industrie i Energie.


33

Decizia din data de 30 ianuarie 2008 n cazul COMP/39.326; a se vedea Comunicatul de pres al Comisiei Europene IP 08/108 i Memoul Comisiei 08/61. E.ON a fcut apel mpotriva deciziei Comisiei.
32

Regulamentul Consiliului (CE) nr. 1/2003 din 16 decembrie 2002 privind punerea n aplicare a normelor de concuren prevzute la articolele 81 i 82 din Tratatul CE.

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31

EUROPEAN COMMISSION FINES A GERMAN COMPANY FOR BREACHING A SEAL DURING AN INVESTIGATION
34

Sergiu PARA
35

Abstract During an inspection performed by the European Commission at the premises of E.ON Energie AG (E.ON), the European officials observed the breach of a seal affixed the day before the discovery of the incident. The seal was affixed to secure documents collected during the inspection. Due to this incident, Commission imposed a 38
36

million euros fine under the power invested by the Regulation (EC) 1/2003 . Keywords: inspection, seal, fine.

On 29-30 May 2006, the European Commission Unannounced inspections represent a preliminary performed a series of unannounced inspections at step in an investigation and are initiated due to the premises of the German energy companies. a l ig a t io n s r e g a r d i n g t h e p o s s ib i l i t y o f The inspections were based on suspicions anticompetitive practices taken place on different regarding the infringement of antitrust rules of the markets. Initiation of such inspections by the EC Treaty, rules that prohibit restrictive business European Commission doesn't necessarily imply practices and/or abuse of a dominant market that companies involved are guilty of breaking position (art.81 and 82 EC Treaty). competition laws. The European Commission encountered incidents Art. 20(2) (d) from Regulation 1/2003 empowers of obstruction of ongoing investigations, but this is the European Commission to seal any premises of the first time when the fine for violation of the companies and any documents during an procedural rules was imposed by way of a distinct inspection. This provision has the purpose to decision. Until this case, the obstruction attempts guarantee that any possible incriminating were taken into account by the European document will not be removed before it gets Commission, in the calculation of the fine for the registered and copied by the European breach of substantive law. The fine was imposed by Commission. When the inspection takes place on
th 37

decision on 30 January 2008 . the premises of a large company, the Commission cannot search all premises and register and copy the collected documents within one day, and it has no powers to remove the original documents from the premises. This is why the Commission often stores the documents initially collected in a room secured by a seal in order to prevent their removal.
34

Competition inspector, Directorate of Industry and Energy.


35

Translated into English by Sergiu Para. appliance of competition EC Treaty


37

Decision of 30 January 2008, case COMP/39.326; see European Commission Press Release IP 08/108 and Commission Memo 08/61. E.ON has lodged an appeal.
36

Council Regulation (EC) nr.1/2003 of 16 December 2002 regarding the .

regulations stated in art.81 and 82 of the

2/20092/2009

32 Inspeciile trebuie s respecte orele de program ale companiei, doar dac reprezentanii companiei permit Comisiei s prelungeasc inspecia. n astfel de cazuri, n care inspeciile dureaz mai mult de o zi, sigiliile au un rol important n asigurarea eficienei unei astfel de aciuni. conferin ntr-o ncpere nvecinat;

dovedit c existau n circulaie pn la 20 de chei de la ua respectiv. E.ON a negat ruperea sigiliului, dnd o serie de explicaii privind posibilele cauze care au provocat apariia unor semne evidente de rupere a acestuia: vibraiile provocate de pregtirea unei sli de

Conform art. 23(1)(e) din Regulamentul 1/2003, folosirea de ctre oamenii de serviciu a unui Comisia European poate aplica amenzi de anumit detergent pentru curarea uii pe care a pn la 1% din cifra de afaceri anual a agenilor fost aplicat sigiliul; economici, n cazul n care se constat ruperea sigiliul a fost vechi; intenionat sau neintenionat a sigiliilor nivelul ridicat de umiditate din incinta cldirii. aplicate. Prin urmare, la stabilirea amenzilor n astfel de cazuri, nu este necesar a se dovedi E.ON nu a prezentat niciun studiu sau rezultate de existena inteniei de a rupe sigiliul aplicat. test care ar fi putut dovedi c vibraiile, umiditatea aerului sau vreo alt cauz care ar fi putut aduce Regulamentul 1/2003 impune companiilor sigiliul ntr-o stare asemenea celui care a fost gasit de obligaia de a nu impiedica, a nu induce n Comisia European n acest caz. eroare sau a influena integritatea i eficacitatea investigaiilor Comisiei. Este suficient ca un sigiliu Ipoteza ruperii din neglijen a sigiliului este cu att aplicat s fie rupt pentru a exista suspiciunea c mai improbabil cu ct E.ON, una dintre cele mai un agent economic a sustras anumite mari companii energetice din Europa, era contient documente incriminatoare, astfel nct o de consecinele grave ale acestei fapte. Mai mult, investigaie n curs s fie compromis. n cazul n avnd la dispoziie servicii de protecie i paz, E.ON care Comisia ar trebui s demonstreze ruperea deinea capacitatea de a lua toate msurile necesare unui sigiliu, atunci ar fi nevoie de o supraveghere pentru a asigura intergritatea sigiliului. permanent a sigiliului aplicat. Prin urmare, utilizarea sigiliului ar deveni inutil. Din aceast Pentru a evalua aceste argumente, Comisia a realizat cauz, Regulamentul 1/2003 scutete Comisia anumite verificri, apelnd la experi independeni. A European de obligaia de a proba intenia de fost testat respectivul tip de sigiliu i s-a ajuns la rupere a sigiliilor aplicate, facilitnd astfel, concluzia c motivaiile E.ON sunt nefondate. Att desfurarea investigaiilor. productorul sigiliilor, ct i experii independeni au declarat c starea n care a fost gsit sigiliul n E.ON nu a dat nicio explicaie credibil cu dimineaa zilei de 30 mai 2006 nu poate fi explicat privire la cauza ruperii sigiliului. Reprezentaii dect prin ruperea acestuia. Productorul a mai companiei au declarat c, pe timpul nopii ce a declarat c astfel de sigilii au fost folosite cu succes de precedat a doua zi de inspecie, nicio persoan decenii, fr s fi existat vreun caz de funcionare neautorizat nu a fost prezent n cldirea anormal. Sigiliile folosite de Comisie nu au dat de respectiv. n plus, conducerea companiei nu a expirare. Cu toate c garania pentru aceste produse informat angajaii despre obligaia de a respecta putea fi expirat, conform celor spuse de productor sigiliul aplicat de Comisie. De asemenea E.ON a i a testelor efectuate de Comisia European, acest susinut la nceput c unica cheie de la ua aspect nu are nicio influen asupra funcionalitii camerei pe care a fost aplicat sigiliul era n sigiliilor. posesia Comisiei, dar n decursul investigaiei s-a
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33 Inspections have to respect normal office hours of E.ON denied the breaking of the seal, providing the company unless the company allows the with a series of possible causes that could lead to Commission to stay longer. In such cases when the appearance of specific signs of an obvious inspections last more that one day, seals have an breach of the seal such as: important role in preserving the integrity of vibrations caused by the preparation of a inspection process. conference next door; According to art.23 (1) (e) of Regulation 1/2003, the the use of a cleaning product on the door European Commission can impose fines up to 1% surface; of the total annual turnover of a company if a seal is the age of the seal; broken intentionally or negligently. In such cases, a high level of humidity within the building. the establishment of an intention to breach the seal is not a precondition for a fine. E.ON has not submitted any study or test results that could show that vibrations, humidity or any Regulation 1/2003 imposes companies the other reason might cause a seal to become in a obligation not to impede, misinform or influence condition comparable to the one found by the the integrity and efficiency of European Commission. Commission's investigations. It is sufficient for a seal to be broken, with or without intention by the A negligent breach of the seal is more improbable

companies which will cause the appearance of since E.ON, one of Europe's largest energy suspicion that a company withdraws incriminating company, was well aware of the potentially serious documents, thus compromising an ongoing consequences of a broken seal. The company had a investigation. If the Commission were obliged to security service at its disposal and therefore had the prove an intentional breach, it would have to capacity to take the necessary measures to secure permanently supervise the seal; in which case the the integrity of the seal. seal will become useless. This is why the Regulation (EC) 1/2003, like most similar provisions in In order to evaluate the arguments brought by Member States, does not require the Commission E.ON, the Commission carried out a series of to prove an intentional breach, thus facilitating the verifications soliciting aid from independent investigations. experts. After testing the seal used in this particular inspection, Commission came to the conclusion E.ON didn't provide any credible explanation that E.ON's explanations were untrue. The regarding the cause of the breach. The manufacturer of the seal as well as the independent representatives of the company declared that experts declared that the condition in which the during the night after the seal was applied, no seal was found on the morning of 30 May 2006 unauthorized person was present in the building cannot be explained in other way than that of a where the inspection took place. The company's breach. The manufacturer also declared that this employees were not informed by the management type of seals have been used with success for about the obligation to respect the applied seal. decades without a single case of malfunction. Furthermore, E.ON had originally argued that the Furthermore, the seals used by the Commission do Commission was in the possession of the only key not have an expiry date. While the product for the room that had been sealed, but in the course guarantee of the seals may have expired, this has, of the investigation it turned out that 20 keys were according to the manufacturer and the in circulation for the room in question. Commission's own tests, no effect on the functioning of the seals.
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34 La aplicarea sanciunii, Comisia European a luat accesul inspectorilor Consiliului Concurenei n n considerare i faptul c acesta a fost primul caz locaiile/incintele sigilate. de acest tip cnd n cadrul unei investigaii s-a rupt un sigiliu aplicat. Spre deosebire Comisia European, Consiliul Concurenei nu a ntlnit cazuri de rupere a sigiliilor n Aplicarea sigiilor n cadrul inspeciilor inopinate decursul investigaiilor. este un instrument prevzut i de legislaia romneasc de concuren - aplicabil atunci cnd posibilele fapte anticoncureniale investigate nu afecteaz comerul dintre statele membre ale Uniunii Europene. Pentru cazurile de dimensiune comunitar, ns, Consiliul Concurenei respect prevederile Regulamentului nr.1/2003.
38 ,

n baza Legii concurenei nr.21/1996 republicat, Consiliul Concurenei poate aplica sigilii n cadrul procedurilor de inspecie

derulate. Totui, regulile specifice utilizrii acestora sunt reglementate de Codul de


39

procedur penal . n cadrul inspeciilor, faptele pentru care pot fi aplicate amenzi (n valoare de pn la 1% din cifra de afacere total din anul
40

financiar anterior sancionrii) vizeaz furnizarea de informaii, documente, nregistrri i evidene ntr-o form incomplet i refuzul de supunere la o inspecie. Aplicarea sigiilor are loc n dou cazuri. Primul caz este acela n care inspecia organizat dureaz mai mult de o zi. Conform art.38 alin.5 din Legea concurenei nr.21/1996 republicat, inspectiile nu pot ncepe nainte de ora 8,00 sau dup ora 18,00, astfel, sigiliul fiind aplicat pe incintele care urmeaz a fi inspectate ziua urmtoare, pentru a asigura c documentele nu vor fi sustrase din locaiile n care are loc inspecia. Cel de-al doilea caz de aplicare a sigiliului este atunci cnd agentul economic refuz s permit accesul la anumite incinte. n aceast situaie sigiliul este aplicat, paralel cu impunerea unei amenzi de pn la 1% din cifra de afaceri i a amenzilor cominatorii, sau obinerea unui ordin judectoresc, pentru a obliga agentul economic n cauz s permit
38

Conform art. 36, alin.1, litera e) din Legea concurenei nr.21/1996, republicat.
39

Conform art. 38, alin.6 din Legea concurenei nr.21/1996, republicat.


40

Conform art. 50, litera d) i e) din Legea concurenei nr.21/1996, republicat.

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35 In this case, when calculating the fine, the Unlike the European Commission, the Romanian Commission took into consideration that this was Competition Council hasn't encountered a case of the first case ever in which a seal was broken during breached seal. an investigation. Using of a seal during inspections is a common tool stated in Romanian competition legislation applicable when possible anticompetitive practices do not affect the commerce between EU Member States. When investigation affects other Member States, the Romanian Competition Council applies the provisions of Regulation 1/2003.
41

According to the Competition Law no.21/1996 republished, the Competition Council can affix seals during the proceedings of an ongoing investigation. Nevertheless, the rules that guard the
42

use of the seals are regulated by the Criminal Law . During the investigations, the Competition Council
43

can set fines (up to 1% of total annual turnover ) for providing information, documents and recordings in an incomplete form or refusal to allow an inspection. The seal can be used in two cases. The firs case is when the inspection lasts more than one day. According to art.38 (5) Law no.21/1996 republished, the inspection cannot start before 8.00 a.m. or after 18.00 pm thus the seal is being affixed on the premises that are to be examined the next day to ensure that the documents will not be removed by the companies. The second case the seal can be used is when the company refuses Competition Council's personnel to enter any premises. In this case the seal is affixed along with imposing of a fine up to 1% of the total annual turnover and comminatory fines, or obtaining a

court order to oblige the company to grant access to the sealed premises.
41

Acording to art.36 (1) (e) Competition Law no.21/1996, republished.


42

Acording to art.38 (6) Competition Law no.21/1996, republished.


43

Acording to art.50(d) and (e) Competition Law no.21/1996, republished.

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36

NOUTI N DOMENIUL CONCURENEI


44

I AJUTORULUI DE STAT
Antitrust Ajutor de stat

Comisia European versus Intel amend n cuantum de 1,06 mld. euro


Comisia European a amendat Intel cu suma de n al doilea rnd, Intel a fcut pli directe ctre 1,06 mld.euro pentru abuz de poziie dominant, productorii de computere pentru a stopa sau ordonnd, totodat, ncetarea practicilor ilegale. n ntrzia lansarea unor produse specifice ce perioada octombrie 2002 decembrie 2007, Intel conineau procesoare ale competitorilor si i a avut poziie dominant pe piaa mondial a pentru a limita canalele de vnzri ale acestor procesoarelor de tipul x86 CPU (o cot de pia de produse. Comisia a stabilit c aceste practici cel puin 70% din total). Comisia a stabilit c Intel constituie un abuz de poziie dominant al lui Intel, era implicat n 2 forme specifice de practici ilegale. care afecteaz toi consumatorii. Piaa mondial a n primul rnd, Intel a acordat total sau parial procesoarelor de tip x86 CPU este estimat n discounturi ascunse productorilor de computere prezent la aprox. 22 mld.dolari pe an, din care cu condiia ca acetia s cumpere toate, sau Europa deine cca.30%. aproape toate procesoarele Intel x86 CPU de la Intel. De asemenea, Intel a fcut pli directe ctre Mai multe informaii sunt disponibile la adresa: un detailist foarte important pentru a stoca numai acele computere care nglobeaz procesoarele Intel. www.europa.eu/competition/news.

Comisia adopt orientri privind ajutoarele pentru formare i ajutoarele pentru lucrtorii defavorizai i cu handicap
Comisia a adoptat dou documente de orientare care stabilesc criteriile pentru evaluarea aprofundat a cuantumurilor importante ale ajutoarelor pentru formare i ale ajutoarelor pentru lucrtorii defavorizai i cu handicap. Aceste documente prezint tipurile de informaii necesare Comisiei n vederea efecturii evalurii, precum i metodologia de evaluare, care se bazeaz pe punerea n balan a efectelor pozitive i negative ale ajutoarelor. Criteriile respect abordarea analiza ajutoarelor de stat, bazat pe principiile prezentate n Planul de aciune privind ajutoarele de stat, i se nscriu n eforturile Comisiei de a clarifica i simplifica normele aplicabile ajutoarelor de stat. Regulamentul general de exceptare pe categorii de ajutoare care a fost adoptat recent permite statelor membre s acorde numeroase msuri de ajutor, printre care se numr ajutoarele pentru formare i

economic precis a Comisiei n ceea ce privete


44

ajutoarele pentru angajarea lucrtorilor

Material realizat de Carmen Bucur, inspector de concuren, Direcia Cercetare-Sinteze.

2/20092/2009

37 Antitrust State aid

NEWS IN THE COMPETITION AND


45

STATE AID FIELD


European Commission versus Intel fine in cuantum of 1.06 bn.euro
The European Commission has imposed a fine of 1.06 billion on Intel Corporation abuse of a dominant market position, ordering Intel to cease the illegal practices immediately. Throughout the period October 2002-December 2007, Intel had a dominant position in the worldwide x86 CPU market (at least 70% market share). The Commission found that Intel engaged in two specific forms of illegal practice. First, Intel gave wholly or partially hidden rebates to computer manufacturers on condition that they bought all, or almost all, their x86 CPUs from Intel. Intel also made direct payments to a major retailer on condition it stock only computers with Intel x86 CPUs. www.europa.eu/competition/news Second, Intel made direct payments to computer manufacturers to halt or delay the launch of specific products containing competitors' x86 CPUs and to limit the sales channels available to these products. The Commission found that these practices constituted abuses of Intel's dominant position on the x86 CPU market that harmed consumers. The world market for x86 CPUs is currently worth approximately 22 billion (US$ 30 billion) per year, with Europe accounting for approximately 30% of that. More information is available on the following address:

Commission adopts guidance on training aid and aid to disadvantaged and disabled workers
The European Commission has adopted two guidance papers setting out criteria for the in-depth assessment of large amounts of training aid and of aid to disadvantaged and disabled workers. The guidance outlines the kind of information required by the Commission for its assessment and the assessment methodology, which is based on the balancing of the positive and negative effects of the aid. disadvantaged workers, without prior notification to the Commission. However, individual aid
45

The criteria are in line with the Commission's refined economic approach in state aid analysis, based on the principles set out in the State Aid Action Plan. The recently adopted General Block Exemption regulation enables Member States to grant a large number of aid measures, including training aid and aid for the employment of disabled or

Drafted and translated by Carmen Bucur, competition inspector, Research and Synthesis Directorate.

2/20092/2009

38

defavorizai sau cu handicap, fr a transmite msuri de recapitalizare n beneficiul sectorului Comisiei o notificare prealabil. Cu toate acestea, financiar, la un volum global de pn la 3 000 de msurile individuale care presupun cuantumuri miliarde euro. n ultimele trei comunicri ale importante ale ajutoarelor prezint un risc mai Comisiei se prevede un cadru clar de stabilire a ridicat de denaturare a concurenei. Prin urmare, n condiiilor n care pot fi adoptate aceste msuri fr cazul acestor msuri, persist necesitatea unei precedent, concomitent cu meninerea integritii notificri pentru a asigura faptul c efectele pieei unice i evitarea unei concurene pozitive le contracareaz pe cele negative. duntoare ntre statele membre pentru obinerea Documentele de orientare privind ajutoarele de subvenii. n plus, cadrul temporar de referin pentru formare i ajutoarele pentru ocuparea forei privind msurile n domeniul ajutoarelor de stat, de munc prezint criteriile care stau la baza stabilit n decembrie 2008, constituie pentru statele evalurii efectuate de Comisie pentru a determina membre un instrument de orientare cu privire la compatibilitatea acestor msuri notificate modul n care pot fi susinute cel mai bine individual. ntreprinderile i locurile de munc n economia real, ns fr denaturri excesive ale concurenei. Aceste documente ofer, n special, orientri n ceea ce privete tipul de informaii care sunt Ediia special a situaiei ajutoarelor de stat arat c necesare Comisiei i metodologia de evaluare pe volumul global maxim al msurilor anticriz care o va aplica. Criteriile se bazeaz pe principiile aprobate pn n prezent de ctre Comisie, menite din Planul de aciune al Comisiei privind ajutoarele s ofere un sprijin instituiilor financiare, se ridic la de stat, n special pe testul prin care efectele aproximativ 3 000 de miliarde euro. Aceast cifr pozitive generate de ajutoare sunt comparate cu reprezint valoarea maxim global a sistemelor de impactul negativ pe care l-ar putea avea o garanii (n valoare maxim de 2 300 de miliarde eventual denaturare a concurenei. Pe baza euro), de recapitalizare (aproape 300 de miliarde acestora, Comisia va efectua o evaluare global a euro) i a msurilor ad - hoc de salvare i de ajutorului pentru a stabili dac msura de ajutor restructurare n beneficiul anumitor bnci i poate fi aprobat n ansamblul su. instituii financiare (aproximativ 400 de miliarde euro). Volumul efectiv al ajutoarelor de stat va fi Textul integral al comunicrii este disponibil la semnificativ mai sczut, n special din cauza urmtoarea adres: faptului c elementul de ajutor al garaniilor de stat reprezint n mod normal doar o mic parte din sumele garantate. Cheltuielile bugetare efective se materializeaz numai atunci cnd se execut o garanie de stat. Situaia ajutoarelor de stat, mpreun cu un set detaliat de tabele i indicatori statistici pentru toate statele membre, este disponibil pe site-ul Europa Comisia European a dat publicitii n urm cu al Comisiei, la urmtoarea adres: puin timp o ediie special a situaiei ajutoarelor de stat, care se axeaz pe msurile adoptate de ctre statele membre, revizuite i coordonate de Comisie, n contextul crizei financiare i economice actual. Pentru salvgardarea stabilitii financiare, statele membre au instituit sisteme de garanii, msuri de protecie mpotriva riscurilor i http://ec.europa.eu/comm/competition/state_aid/ reform/reform.cfm.

Aciuni ntreprinse de statele membre pentru combaterea crizei


http://ec.europa.eu/competition/state_aid/studi es_reports/studies_reports.html.
2/20092/2009

39 measures involving large aid amounts can entail a States. In addition, the December 2008 Temporary higher risk of distorting competition. Therefore, for Framework for state aid measures provides such measures a notification remains necessary in guidance to Member States how companies and order to assess whether the positive effects jobs in the real economy can be best supported outweigh the negative effects. The guidance papers without excessive distortions of competition. on training aid and employment aid set out the The special Scoreboard edition shows that the criteria which will underlie the Commission's overall maximum volume of crisis measures in assessment of the compatibility of such individually support of financial institutions, so far approved by notified aid measures. the Commission, amounts to around 3000 billion. This figure represents the overall maximum amount In particular, they provide guidance on the kind of of guarantee umbrellas (up to 2300 billion), information the Commission requires and the recapitalisation schemes (close to 300 billion) and assessment methodology it would follow. The ad hoc rescue and restructuring measures in favour criteria are based on the principles of the of individual banks and financial institutions

Commission's State Aid Action Plan, in particular (around 400 billion). The actual state aid volume the balancing test that weighs the positive effects will be significantly lower, in particular because the brought about by the aid against the negative aid element of state guarantees normally impact a potential distortion of competition might constitutes only a small fraction of the guaranteed entail. On this basis, the Commission will carry out amounts. Real budgetary expenditure materialises an overall evaluation of the aid to determine only when a state guarantee is actually drawn. whether, as a whole, the aid measure can be approved. The Scoreboard, together with a set of detailed statistical tables and indicators for all Member The full text of the Notice will be available at: States, is available on the Commission's Europe website at: A special edition of the State Aid Scoreboard just published by the European Commission focuses on measures adopted by Member States and reviewed and coordinated by the Commission in the current financial and economic crisis. In order to safeguard financial stability, Member States have set up g ua ra n t ee umb r e ll as , r isk sh ie l d s a n d recapitalisation measures for the financial sector with an overall volume of up to 3000 billion. Three new Commission Communications provide a clear framework setting out the conditions under which these unprecedented measures can be taken while preserving the integrity of the Single Market and avoiding harmful subsidy races between Member http://ec.europa.eu/comm/competition/state_aid/ reform/reform.cfm http://ec.europa.eu/competition/state_aid/studies _reports/studies_reports.html

Member States' action to fight economic crisis


2/20092/2009
tiprit la: Tel. 0238-720 514
e-mail: vegaprod@vegagroup.ro www.vegagroup.ro

CONSILIUL CONCURENEI COMPETITION COUNCIL


PLENUL CONSILIULUI
COUNCIL'S PLENUM

PREEDINTE/ PRESIDENT: Bogdan M. CHIRIOIU ministru/minister


Tel. + 40 021 4054424, fax: + 40 021 3184908

VICEPREEDINTE/ VICEPRESIDENT: Alexe GAVRIL - secretar de stat/secretary of state


Tel. +40 021 4054536, fax: +40 021 3184910 Otilian NEAGOE secretar de stat/secretary of state Tel. +40 021 4054451, fax: +40 021 3182617

CONSILIERI DE CONCUREN/ COMPETITION COUNSELORS: Dan IONESCU subsecretar de stat/ undersecretary of state
Tel. +40 021 4054449, fax: +40 021 4054412 Valentin MIRCEA subsecretar de stat/ undersecretary of state Tel. +40 021 4054537, fax: +40 021 4054505 tefan NEAGOE subsecretar de stat/ undersecretary of state Tel. +40 021 4054538, fax: +40 021 4054505 Jzsef Nndor NEMENYI subsecretar de stat/ undersecretary of state Tel. +40 021 4054450, fax: +40 021 4054412