This chapter provides a comparative perspective of competition policy and monetary policy. Monetary policy and competition policy are two key components of public policies needed for a market economy to function well, and indeed to exist, just as money and the market are two defining elements of such an economy. According to Mario Monti, monetary policy and competition policy compared is that they both serve in different ways the same objective, or at least they have one objective in common, even though their practitioners may not always realize it, and that is price stability. Monetary policies in most countries have been largely successful in recent periods in achieving their objectives, and in some parts of the world, maybe in Europe specifically, this has been facilitated by a number of positive supply shocks, including the setting in motion of conditions in the real economy of greater flexibility and also the creation of the single market, the tearing down of barriers, and the creation and maintenance of competitive conditions.

ISSN 0252-3108

Editor: Esha Ray

Composition: Alicia Etchebarne-Bourdin

Cover design and production: IMP Multimedia Services Division

The Per Jacobsson lectures are available on the Internet at www.perjacobsson.org, which also contains further information on the Foundation. Copies of the Per Jacobsson lectures may be acquired without charge from the Secretary.


  • Foreword.

  • Opening Remarks

    • Malcolm D. Knight

    • Andrew D. Crockett

  • Competition Policy and Monetary Policy: A Comparative Perspective

    • Mario Monti

  • Questions and Answers

  • Biography

  • The Per Jacobsson Lectures

  • The Per Jacobsson Foundation


The first 2006 Per Jacobsson lecture, “Competition Policy and Monetary Policy: A Comparative Perspective” was delivered by Mario Monti, President of Bocconi University, Milan, on Sunday, June 25, 2006. Mr. Monti’s presentation was made in the National-ratssaal of the Swiss Parliament in Bern, Switzerland, in conjunction with the Annual General Meeting of the Bank for International Settlements CB1S) in Basel. Andrew D. Crockett, Chairman of the Per Jacobsson Foundation, and Malcolm D. Knight, General Manager of the BIS, presided over the event, the proceedings of which are presented in this publication.

The Per Jacobsson Foundation was established in 1964 to commemorate the work of Per Jacobsson (1894-1963) as a statesman in international monetary affairs. Per Jacobsson was the third Managing Director of the IMF (1956—63) and had earlier served as the Economic Adviser of the BIS (1931-56).

Competition Policy and Monetary Policy: A Comparative Perspective