Scholars Available for Comment on EU Merger Guidelines
BRUSSELS (10 September 2025) — The International Center for Law & Economics (ICLE) has scholars available to provide expert commentary on the European Commission’s 2025 review of the EU Merger Regulation (EUMR) Guidelines, which seek input on the role of competitiveness, innovation, and digitalization in merger control.
ICLE submitted formal comments to the Commission that argue for a predictable, evidence-based, and effects-oriented approach to merger review. The authors argue that the guidelines should be anchored in sound economic principles and avoid structural presumptions or vague public-policy goals.
Arguments from ICLE’s Submission:
- Competitiveness and Scale: The new guidelines should make clear that “competitiveness” is a byproduct of well-functioning markets and sound economic analysis, rather than a justification for selective intervention. ICLE’s submission argues that scale is increasingly necessary for firms to compete effectively on a global level, especially in technology and innovation-driven sectors. Mergers can be a critical avenue to achieve this scale by providing access to capital, intangible assets, and new markets. This perspective aligns with the Draghi Report, which recognized that scale is often a prerequisite for sustained productivity growth.
- Innovation and Dynamic Competition: ICLE’s submission argues that the current guidelines are conceptually limited in their treatment of dynamic, innovation-centered competition. The scholars contend that the relationship between competition and innovation is complex and non-monotonic, with both large and small firms playing complementary roles. They emphasize that, while small firms often pioneer disruptive ideas, larger firms provide the scale and investment needed for widespread adoption and sustained R&D. The analysis cautions against overreliance on theories like “killer acquisitions”.
- Digitalization and Market Dynamics: ICLE scholars advise against creating a bespoke legal framework for digital markets. Instead, the Commission should use its existing analytical tools with greater discipline. They urge the Commission to avoid treating data as an “insurmountable moat” and to recognize that competition is not limited to “in-the-market” rivalry, but also includes fierce “for-the-market” contests.
Read the full comments on ICLE’s website.
ICLE Director of Competition Policy Dirk Auer shared the following:
“The EU’s merger-control framework has a well-earned reputation for being predictable and grounded in robust effects-based analysis. The new guidelines should build on this strength, not squander it. In dynamic, innovation-driven sectors, scale and investment are often prerequisites for success. Prohibiting mergers that combine complementary assets to achieve this scale—particularly when there is no evidence of market foreclosure—would be a mistake. Such a move would stifle innovation, harm consumers, and ultimately weaken Europe’s global competitiveness”.
About ICLE
The International Center for Law & Economics is a nonprofit, nonpartisan research center working with a roster of more than one-hundred academic affiliates and research centers from around the globe. ICLE scholars promote the use of law and economics methodologies to inform public policy debates.