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An Empirical Assessment of the 2004 EU Merger Policy Reform Tomaso Duso, Klaus Gugler, Florian Szücs In: The Economic Journal: The journal of the Royal Economic Society . 123 (2013) , 572 , S. F596-F619

Abstract:

We evaluate the economic impact of the change in European merger legislation in 2004 and propose a general framework focusing on four different policy dimensions: predictability, decision errors, reversion of anti-competitive rents and deterrence. We find that after the reform, the predictability and the accuracy of decisions have improved. Yet, the policy shift away from prohibitions, which entail both an immediate and a deterrent effect, does not seem to be well grounded.