INSTITUTIONAL ASSUMPTIONS OF COMPETITION POLICY EFFICIENCY

An adequate normative regulation isa prerequisite for a successful implementation of the competition policy as a fundament of a market economy is. With current legal solutions in the fi eld of the competition policy, Serbia has provided the necessary institutional framework for the effi cient functioning of the market and the establishment of eff ective competition on it. The eff ectiveness of this framework is necessary to evaluate through a market analysis, based on the results achieved in creating a climate that encourages the development of competition. The compatibility of legislation with the European Union standards and its practical application are the basic assumptions of the purposeful operating of institutions. The modest results of the competition policy in Serbia impose the need to increase institutional capacity, upgrade the regulation and its conceiving in a manner that will ensure the construction of an effi cient market economy. In this sense, the paper analyzes the key elements of the institutional framework that determine the eff ectiveness of the competition policy. Special a$ ention will be paid to the practical application of this framework, which will be illustrated by a critical review of the manner and method of decision-making by the Serbian Commission for the Protection of Competition in its procedures in monopolized markets.