Fair Share of Benefit to Consumers Sample Clauses

Fair Share of Benefit to Consumers. The welfare measure advocated by mainstream economists is overall social welfare, which comprises both “consumer welfare and producer welfare”90. Nonetheless, the primary goal served by the EU competition policy is to maximize consumer welfare. This is the background for understanding “fair share of benefit to consumers” as the second positive condition of Article 101(3) TFEU, which is easily satisfied here by the restricted quotation and minimum cost for tankers. Firstly, due to the essence of P&I Clubs that “they are mostly mutual associations, where the members are both insured and insurers”91, identification between producer and direct consumers is established. In the “consumer owned” business, no gap could be formed to block the economic welfare gained in 4.4.4.1 floating to shipowners. However, this consumer benefit under privity of contract was requested to entertain third parties in the case of Cobelpa VNP92. Given the overarching position of P&I insurance in the maritime industry chain, the credits gained under the first condition pass downstream on to final consumers smoothly. Stable supply of P&I insurance guarantees sufficient compensation 89 Ibid.5 para 106 90 Whish (2008) p.4 91 Ibid. 86 p.1 92 [1977] OJ L242/10 available to passengers and other customers of the shipowners. Loss prevention also gains efficiency in favor of all potential consumers downstream in the long term. The 1985 and 1999 Commission Decisions kept the same position with Cobelpa VNP93 in this connection 94. The former did a more detailed analysis while the latter merely embedded this issue into the discussion of “promotion of economic progress”. Notwithstanding this disparity in form, they both retained the flaw of legal reasoning referred to in 4.4.4.1. The appraisal of “fair share of benefit to consumers” did not concentrate on the retention level but spilled over into the pooling level.