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But drastic measures are needed to restore credibility to European merger policy.
Mr. Monti said that officials were studying the ruling, but that the union would not soften its merger policy.
"Someone will always come along and build a better mousetrap," he says.This laissez-faire philosophy has fostered a permissive merger policy too.
Instead, MTF officials frequently appear to make merger policy on the hoof, because they know how to use the commission's opaque procedures to frustrate supplicant companies.
Case files could be more transparent and available for regular scrutiny by interested parties.If procedures could be made more straightforward and officials more accountable, merger policy should become accordingly more consistent.
The current Competition Commission and the Office of Fair Trading will each gain greater powers to protect whistleblowers and prosecute offending firms.It is on Britain's new merger policy, however, that most European eyes are focusing.
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It also sent out a thoroughly unwelcome signal to the European Commission, which has struggled to make coherent and sensible competition and merger policies.
Government competition and merger policies affect the structure of industry and commerce, while regulatory activities setting the number of hours shops may be open or who may buy cigarettes—have profound effects on commercial activities.
As a result of lax merger policies, markets of all types became increasingly intertwined and therefore more efficient, government officials assured us.
The two antitrust authorities, the Federal Trade Commission and the Department of Justice, appear to have backed the Pentagon's pro-merger policy.This year, however, Raytheon's attempt to buy parts of Hughes and Texas Instruments has triggered a debate on whether the industry has become too concentrated.
Turns out that our nation's deeply flawed merger review policy contributed just as much to AIG 's demise as the company's high-risk credit default swaps.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com