Are parallel importers the key to unlocking the single European market, breaking down long-established national barriers for the benefit of all? Or do they instead just operate in a dubious -grey market-, free-loading on the investment of innovators and brand owners to the ultimate detriment of future investment? Parallel importers are in turn lionized and demonized, both in legal commentary and in the mainstream press. Trade is economically possible whenever the price of a particular product is higher in one area than in another. However, in the real world, trade will only occur if this...