Bringing the ‘Market Economy Agent’ Principle to Full Power

European Competition Law Review, Forthcoming

8 Pages Posted: 15 Jun 2012 Last revised: 24 Jul 2012

Date Written: June 15, 2012


The recent ECJ Judgment in case C-124/10 P Commission v Électricité de France (EDF) has clarified an important point in EU State aid law that bears attention: the ‘private investor’ test is not an exception, but the general test that the Commission must apply. This paper critically appraises the potential implications of such finding.

Keywords: State aid, ‘private investor’ test, ‘market economy agent’ principle, public powers, substantive appraisal, public market intervention, undistorted competition

JEL Classification: H25, H57, K21, K42

Suggested Citation

Sanchez-Graells, Albert, Bringing the ‘Market Economy Agent’ Principle to Full Power (June 15, 2012). European Competition Law Review, Forthcoming, Available at SSRN: or

Albert Sanchez-Graells (Contact Author)

University of Bristol Law School ( email )

Law School Wills Memorial Building Queen's Road Br
Bristol, BS8 1RJ
United Kingdom

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