As the European Commission (EC) prepares to revise its Horizontal and Non-Horizontal Merger Guidelines, it faces the challenge of balancing the imperatives of preserving competition, encouraging innovation, and integrating sustainability objectives. How it will do so is unclear, and it may well be a significant milestone in the tenure of Teresa Ribera, the EC’s Executive Vice-President (EVP) for a Clean, Just and Competitive Transition. In an article published in Concurrences, Analysis Group Vice President Joshua White and Associate Claire Paoli and coauthor Jay Modrall of Norton Rose Fulbright consider several issues around how the EC’s task might be accomplished, and the possible consequences.
In the article, “Will the New EUMR Guidelines Be a Significant Impediment to Sustainability?,” the authors undertake a practical examination of how the current Merger Guidelines account for sustainability benefits, outlining several considerations for the Commission’s ongoing review. They argue that modernizing the treatment of efficiencies – by broadening the scope of consumer benefits, extending time horizons, and applying consistent evidentiary standards – would better align EU merger control with EVP Ribera’s mandate and the objectives of the Clean Industrial Deal.
Associated People
Joshua White
Mr. White is a consulting economist who specializes in applying microeconomics and sophisticated econometric modeling to complex litigation and merger-related questions, primarily in matters involving the health care, financial services, and technology industries. His work across a diverse set of engagements has encompassed simulating consumer demand and switching behavior, analyzing whether intellectual property (IP) licensing rates are FRAND-compliant, and estimating ex ante default probabilities for structured investment vehicles. He also has substantial experience developing innovative technological tools for analyzing datasets for merger and competition analyses.
Mr. White has supported both economic and scientific experts addressing competition and intellectual property (IP) issues in matters related to cutting-edge pharmaceutical products. He has supported clients in various jurisdictions and industries in follow-on cartel damages litigation, assessing overcharge, upstream and downstream pass-on, and volume effects.
Mr. White has worked in a number of international jurisdictions and has served as a testifying expert in the UK’s Upper Tribunal (Lands Chamber) on competition matters related to restrictive land covenants. He has also given evidence and submissions to the UK’s Competition and Markets Authority (CMA) on behalf of clients involved in market investigations and mergers. Mr. White has supported several clients before the European Commission on cartel and merger matters and has provided support to European financial and competition regulators in coordinated conduct investigations. Mr. White has published a number of articles and regularly speaks at international competition law and policy conferences.