Assessing EU Merger Control Through Compensating Efficiencies

Worldwide, the overwhelming majority of large horizontal mergers are cleared by antitrust authorities unconditionally. The presumption seems to be that efficiencies from these sizeable. We calculate compensating would prevent a merger harming consumers for 1,014 affecting 12,325 markets scrutinized European Commission between 1990 and 2018. Compensating seem too achievable many mergers. Barriers entry number firms active in market most important factors determining their size. highlight concerns about Commission’s enforcement being lax.