Should competition monopolise merger policy?

Abstract

The paper contains a critical discussion of views that the remit of merger policy should be broadened beyond competition, to include, for example, goals relating to the environment, industrial competitiveness, or the public interest generally. It is argued that widening the remit of merger policy is unlikely to promote such objectives effectively, but that it risks weakening commitment and the accountability of policy, and may lead to re-politicisation. Competition should therefore continue to dominate merger policy.