THE "MORE ECONOMIC APPROACH" IN EU MERGER CONTROL

EU Merger Control, which was introduced as recently as 1990, has since become an important element of the regulatory framework for international mergers and acquisitions. It is currently undergoing its most profound reform, central to which is the "more economic approach". This article traces the main elements of the new approach and gives a preliminary assessment, thereby highlighting remaining problems and open questions. With the "more economic approach", the EU is taking a new tack on merger control policy. This is visible not only in the new SIEC prohibition criterion and the criteria for appraising horizontal mergers, but also in more recent decision-making practice. On closer analysis, the new approach de facto reduces legal certainty, while the upshot in terms of decision quality remains unclear. Conversely, the administrative burden has risen significantly.