Analysis Group Responds to European Commission’s Consultation on Draft Merger Guidelines
July 10, 2026
Competition economists from Analysis Group’s European offices welcomed the opportunity to respond to the European Commission’s call for input on its Draft Merger Guidelines, published for public consultation on April 30, 2026. Noting that the Draft Guidelines were “a substantial step forward in the Commission’s approach to merger assessment,” the authors – Competition Expert Pierre Régibeau; Managing Principals Antoine Chapsal, Marc Van Audenrode, and Joshua White; Principal Emmanuel Frot; and Vice President Cyril Hariton – offered recommendations that would provide greater clarity and specificity in their practical implementation. These observations were intended to support the Commission’s efforts to develop a more comprehensive, balanced, and modern framework for merger assessment in Europe, while identifying specific areas in which revisions or additional clarity would promote a more transparent and predictable merger review process.
A new “theory of benefit”
The authors highlighted that the introduction of a theory of benefit showed a shift in the Commission’s treatment of efficiencies from a “defense” against potential anticompetitive harm, toward a more balanced consideration of potential benefits and harms in a consolidated assessment. Commending the Commission’s increased focus on efficiencies, the authors nonetheless identified several questions related to the scope and definition of efficiencies and the Commission’s balancing exercise and applicable evidentiary standards.
The authors’ practical recommendations for additional guidance in implementing the new theory of benefit include:
- The role of geographic considerations in assessing resilience-related benefits (e.g., “domestic versus foreign” dimensions);
- Appropriate time horizons for assessing efficiencies in sectors with long innovation and investment cycles;
- A consistent analytical framework for balancing harms and benefits, drawing on methodologies already used in the Commission’s wider policymaking tools; and
- Greater clarity on how out-of-market and collective benefits should be considered where they are valued by consumers affected by the merger.
Competitive assessment
The Draft Guidelines also provide updated guidance on the Commission’s approach to the assessment of market power and potential anticompetitive effects. The authors welcomed the updates and consolidation of elements of the Commission’s approach in cases over the past 20 years. The practical refinements offered in the authors’ report pertain to the assessment of dynamic competition, innovation, ecosystem markets, and emerging theories of harm, aimed at improving predictability, transparency, and legal certainty. In particular, the authors encouraged the use of modern quantitative tools to support merger assessment, with clearer guidance on when different techniques are appropriate and how they should inform the Commission’s evaluation of competitive effects.
Read Analysis Group’s full response