Merger control is being rethought. The European Commission has opened a major review of its merger framework: the draft revised Merger Guidelines, published in April 2026, were open for public consultation, and the Commission is now working toward a final text.
At the same time, authorities in other jurisdictions are confronting a broader question: whether traditional approaches to merger review remain fit for markets shaped by rapid innovation, changing business models, and increasing uncertainty.
At stake are several unsettled questions: the weight given to innovation and efficiencies; how authorities should assess uncertain future harms; the treatment of scale, start-up acquisitions and gatekeeper status; and how merger enforcement should operate across borders.
Diana Moss examines how the draft EU Merger Guidelines recast the role of scale, innovation, efficiencies, and start-up acquisitions.
