Oxera responds to the European Commission’s consultation on its Draft Merger Guidelines

We welcome the Commission’s work to consolidate more than two decades of decisional practice, economic analysis and case law into a single framework.

The draft is a strong foundation for future merger enforcement, particularly in its treatment of non-price competition, efficiencies and the broader assessment of competitive effects.

However, there is scope for improvement and clarification. Our response focuses on areas where adjustments to the current text would improve predictability and practical application, including:

• clearer distinctions between analytical frameworks for different market settings;
• the role of structural indicators and safe harbours;
• guidance on the appropriate use and limits of economic tools;
• a more precise articulation of portfolio effects; and
• the treatment of sustainability, resilience and collective benefits within the overall competitive assessment.

A consistent and transparent framework will be important for businesses, authorities and courts as merger assessment continues to evolve.

^{Note: Oxera is currently conducting an Economic Study on the Dynamic Effects of Mergers for the European Commission, as part of the ongoing review of the guidelines. Not to anticipate the findings of the Study, the response does not address dynamic aspects of the draft Guidelines. More on this will follow once the Study is published (expected by September 2026).}