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In the European Union (EU), competition policy occupies a central place amongst other EU public policies and is the first truly supranational public policy regulating market competition. One of the stated objectives of EU competition policy is to prevent excessive concentration of economic power in the hands of a few. This book investigates the political economy of EU competition policy by taking the European telecommunications industry as a case study. Baskoy argues that the EU competition policy has failed to achieve its objectives of preventing excessive market concentration in the telecommunications industry over the past quarter-century. He takes the controversial view that EU competition policy foremost promotes an industrial policy that fosters the profitability of European firms. Moreover, Baskoy argues that EU competition policy is short of adequate theoretical and conceptual capacities to comprehend the working dynamics of market competition and the market behavior of firms. This exceptional book will be of interest to scholars of Politics, Economics, Business, and International Relations and Policies.