Commissioner Mario Monti has taken another step in the process of radical transformation of the EU competition policy. After the reform of regulation on agreements, the creation of the European Network of Competition, Regulation on the distribution of cars, the gradual dismemberment of the feared and discussed Merger Task Force, the Commission yesterday called the German Lars-Hendrik Röller from office; just created, and Chief Economist.
"The appointment of a chief economist is an integral part I made the commitment to further strengthen the economic foundation of our analysis of competition, "said Mario Monti. Analysis that the Court of Justice, through three sensational sentences that have repudiated the decisions by which Brussels had vetoed many concentrations (Airtours / First Choice, Schneider / Legrand and Sidel / Tetra Laval), was severely questioned.
But the biggest news coming in a few months: this is the reform of the EU Merger Regulation, the Italian Presidency has - although differences still exist not permit optimism - to accomplish within the current semester.
The Commission proposal provides for greater coordination with national authorities to limit the problem of multiple filings, greater flexibility in the timing of the procedure, a strengthening of the investigatory powers of the Commission and, above all, a revision of the "dominance test" contained within 'Article 2, on the basis of which a concentration is considered to be compatible or not with the internal market.
Given that the integration of European markets over the past decade has led to a steady increase in merger and that, after three years during which he prevailed wait and see, in recent weeks as the merger and acquisition are multiplied (from the beginning of July the value of deals in mergers and acquisitions rose to nearly 24 million euro, a clear sign of growing trend), it is clear the crucial role of the reform of the EU Merger Regulation, which will apply to many of these operations (the same Alcan, which is now back with an offer of € 3.4 million for rival Pechiney, had to give up three years later with objections from Brussels). But the path to
Mountains do not appear easy. The Economic Commission of the European Parliament has expressed its opposition to amend Art. 2. "The new text of art. 2 is indeed badly and risks, creating a hybrid between the test European and American dominance of the substantial decrease competition, increase the uncertainty for businesses, "said the rapporteur Benedetto Della Vedova, who had tried to mediate by rewording the proposed text by the Commission. "We risk giving too much discretion to the Commission" uniting in support firms. Discuss this issue again on September 2 in Strasbourg. But it seems unlikely that Mario Monti, the already difficult negotiations in the Council, will have the support of Parliament.
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