But far from boosting competition, such cosy arrangements among national champions are more likely to stifle it by keeping out genuine outsiders that might compete on price.

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"It is therefore a priority for the European Commission to prevent competition distortions in inter-bank arrangements on fees, " it said.

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When the companies agreed on certain pricing arrangements, this was not a limitation on competition but a form of competition.

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The company quickly found itself hit by everything from union boycotts and bloated overhead to increased competition and currency devaluations in Southeast Asia, which hurt lucrative licensing arrangements.

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Other potential obstacles included declining flexible work arrangements that are perceived to be costly, less focus on diversity due to amplified performance pressure and increased competition over fewer open positions.

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