It also, by making the legal rules more clear, reduces uncertainty and risk facing businesses and thereby enhances efficiency. Finally, for competition policy to be law, there must be procedures to ensure that enforcement decisions are subject to review and analysis and will be upheld only if they are soundly based. In the United States, for example, the Justice Department needs to go to court and cannot enforce the antitrust laws merely by issuing orders by itself. While the procedures at our Federal Trade Commission are different, its actions are also reviewed by the courts. As we reach the end of the 20 th Century, it is clear that competition policy will continue to play an important role in promoting our economic well-being.
Global markets present new opportunities for competition law and enforcement.
Such markets are often much larger than national or regional markets and thus increase the stakes for competition law. Global markets present new challenges, too. The increasing importance of global markets means that every country has an interest in the economic well-being of other countries. It means that each of us faces an increasing prospect that our economies will be harmed by anticompetitive conduct that takes place in other countries. It means that each country has an interest in ensuring that other countries' markets remain open and unhindered by anticompetitive restraints.