It is important, to a point, to give up the benefits of certainty in order to achieve the benefits of soundness. The third core component of sound competition policy is that it be embodied in law, and not simply used as a tool of regulation to be applied at the discretion of government officials. It is fundamental to sound competition policy that neither private parties nor the government distort competition by putting a thumb on the scale through actions that favor some firms over others. An example of this principle is our pending case against Dentsply International, an American firm that has been the dominant manufacturer of artificial teeth in the United States. Second, antitrust law should be transparent.
Transparency helps to ensure that like cases are treated alike.
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.