Measures Ahead of Eurozone Accession: CPC and CCP Join Forces Against Price Speculation

The Commission for Protection of Competition (CPC) and the Commission for Consumer Protection (CCP) are uniting efforts to counter unfair trade practices, cartels, and unjustified price hikes in the period before and after Bulgaria’s adoption of the euro. This was announced during a joint working meeting between the two regulatory bodies on May 29.

The government is consolidating the full capacity of its regulatory institutions to curb potential price speculation before and after the euro adoption. The first step in this coordinated effort was today’s meeting between the CPC and CCP. The heads of both authorities confirmed that inspections are already underway. Sector-specific analyses will be carried out in areas most vulnerable to price increases, including mobile operators, fuel, supply chains, food retail chains, and supply of medicines.

Rosen Karadimov - Chairman of the CPC:

“We are launching checks into collusive and prohibited coordinated practices, unlawful agreements, and abuse of dominant market positions. Special attention will be paid to Chapter 7b of the Competition Protection Act, which contains specific provisions regarding food supply chains. This function of the CPC aims to prevent unlawful agreements that result in price increases.”

photo

Maria Filipova - Chairman of the CCP:

“I want to tell people that any experienced economic operator in our country which attempts speculative price hikes or engages in unfair commercial practices will be met with immediate administrative enforcement. Not only will such practices be halted, but the business will also be required to compensate any harm caused to individual consumers.”

In addition, both regulators will nominate contact groups to draft legislative amendments. These changes will empower the CPC and CCP to conduct joint inspections, as the current administrative capacity and staffing of both bodies are insufficient to handle the full scope of tasks and challenges leading up to and following the adoption of the euro.