ntr90-C_202401645EN.000101-E0090
(90) Similarly, quantitative techniques for assessing price co-movements, such as price correlation or stationarity analyses are normally not decisive, in themselves, for geographic market definition. As set out in footnote 70, many different factors other than functioning arbitrage can cause co-movements of price. Such price co-movements might therefore wrongly suggest that two areas belong to the same relevant geographic market, although conditions of competition in the areas are not sufficiently homogenous. On the other hand, the absence of price co-movement typically indicates that conditions of competition are not sufficiently homogeneous. Therefore, price co-movement analysis is in principle more informative if it indicates that different areas are not in the same market.
Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.