Mike Walker, former Chief Economist at the CMA (2013-2025) joins the podcast to discuss the EC's Draft Merger Guidelines with host Bilal Sayyed. Mike and Bilal examine whether the European Commission is meaningfully changing course on merger analysis — especially on efficiencies. Mike believes that the draft is a serious, economically coherent document and that its most important contribution is signaling a more credible willingness to take efficiencies, including dynamic efficiencies tied to innovation and investment, seriously. The conversation also explores the draft’s “theory of benefit,” its focus on capabilities and dynamic competition, and whether the Commission is moving toward a more balanced treatment of harms and benefits. Bilal presses Mike on the draft’s adoption of the concepts of resilience, sustainability, ecosystems, and an innovation shield. A substantive discussion of what the draft gets right, where it may overreach, and what it could mean for the future of EU merger enforcement. Annotated transcript of the discussion (https://tinyurl.com/tbssem5w)
Mike Walker, former Chief Economist at the CMA (2013-2025) joins the podcast to discuss the EC's Draft Merger Guidelines with host Bilal Sayyed. Mike and Bilal examine whether the European Commission is meaningfully changing course on merger analysis — especially on efficiencies. Mike believes that the draft is a serious, economically coherent document and that its most important contribution is signaling a more credible willingness to take efficiencies, including dynamic efficiencies tied to innovation and investment, seriously. The conversation also explores the draft’s “theory of benefit,” its focus on capabilities and dynamic competition, and whether the Commission is moving toward a more balanced treatment of harms and benefits. Bilal presses Mike on the draft’s adoption of the concepts of resilience, sustainability, ecosystems, and an innovation shield. A substantive discussion of what the draft gets right, where it may overreach, and what it could mean for the future of EU merger enforcement.