Five interventions in as many sectors of the economy that directly affect both the consumers and public finances were announced by the President of the Hellenic Competition Commission, Irene Sharp, in statements to “N”.
Despite the fact that the Commission is operating with one third of the necessary staff, the agenda for the next period includes key decisions that are expected to improve the operation of the markets, she explained.
Fuels
The first package of interventions concerns the petroleum industry. After the conclusion of the public consultation (15/11/2024), the Commission is expected to publish its proposals. Although the president of the independent authority avoided specifying the proposals for correcting the distortions, it seems certain that measures will be requested to increase competition between refineries and increase imports by trading companies.
Deposit interest rates
It is estimated that the investigation into the formation of bank interest rates will be completed in the first half of next year. The sector remains under a “monitoring regime” following a fine of almost 42 million euros imposed on five banks and the Hellenic Banks Association last year for a harmonized practice in ATM withdrawal fees.
According to Sharp, the Commission has launched an investigation into deposit interest rates since last July, as the European Central Bank’s decision to increase interest rates in order to contain inflation affected lending rates and not deposit rates, which remained almost unchanged.
Animal Feed
Although food inflation has been contained, prices remain high, with no signs of an immediate decline. In this context, the Hellenic Competition Commission is conducting research in the animal feed sector, with the aim of investigating and deepening the competitive conditions prevailing in this sector.
Public tenders
The Commission is also investigating parts of the broader IT and communications sector, with the independent authority seeking evidence on the setting up of public tenders.
Permanent staff shortage
In the discussion, Sharp reiterated, like all the heads of the independent authority over time, her disappointment over the understaffing of the Hellenic Competition Commission. Although there are 230 permanent positions, the Commission’s staff does not exceed 100 employees, Sharp noted.
Difficult to prove the existence of cartels
According to Sharp, proving anti-competitive practices is becoming increasingly difficult. She pointed out that the existence of a cartel cannot be established only by the fact that supermarkets have exactly the same prices on many products, but further evidence is needed.
