Harvard Law School Jean Monnet Chair

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Brentford, Philip (1998), p. 97.

55 Council Regulation of the powers of the ECB to impose sanctions, article 2(2).

56 The limits and conditions are set down by the Council under the procedure laid down in article 42 of the Statute. See also Article 34.3 of the Statute. The upper limit for the fines imposed by the ECB shall be EUR 500 000 and for periodic penalty payments EUR 10 000 per day of infringement. This means that the sums imposed by the ECB are considerably smaller than those imposed by the Commission within Competition law. Within Competition Policy was the highest fine imposed on an undertaking (Tetra Pak) until 1998 75 million ECU. In January 1998 a fine of 102 million was, however, imposed on Volkswagen. In a cartel case Combureau was imposed a fine of 248 million ECU in 1994. The sums within the Competition policy are therefore much higher. It is worth noting, however, that both the Court of First Instance and the ECJ can review the decisions of the Commission.
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