Europe's trustbusters have plenty to boast about. Over several decades the European Commission's competition directorate has evolved into perhaps the most important regulator of its kind in the world. It has been rigorous in the development of antitrust theory and an energetic enforcer of the law. While antitrust policy across the Atlantic has veered between the activism of the Clinton administration and the relative laissez-faire of the Bush years, it has shown consistency.
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