This course deals with the effects of European Competition Law on the behavior of businesses in the European Union (EU). An effective common market within the EU requires a fair and undistorted competition. Hence the European Commission (EC) vigorously attacks cartels and abuses of power by monopolists. A recent example of a Cartel is the âcooperationâ between 7 seven international banks â Barclays, RBS, Citigroup, JPMorgan, and MUFG by participating in a foreign exchange spot trading cartel. In this case the European Commission imposed a total fine of â¬ 1.07 billion in 2019.