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CCPC: boosting EU competitiveness is ‘critical’

CCPC chair Brian McHugh has issued a joint statement with competition colleagues from Austria, Belgium, Czechia, Netherlands, and Portugal on strengthening competition and competitiveness in the EU Single Market.

It says that bolstering the competitiveness of the EU industry is a pre-requisite to preserve the sustainability of its social-market economy model, pointing to its important role as a driver of productivity, investment, and innovation.

McHugh said that the current debate about the competitiveness of EU industry was a crucial one, and competition authorities would continue to play a critical role in advocating for removing barriers that hindered market integration and economic growth.

Barriers

Eliminating these barriers was key to a more competitive and unified single market, as envisioned in the Draghi and Letta reports, he said, adding that cross-border mergers could strengthen the single market, which is why the vast majority were speedily approved.

If a larger merger threatened competition, it must either be blocked or approved only with solutions that addressed any identified competition concerns, he added.

“The idea that strict competition rules cause fragmentation is incorrect. In fact, allowing unchecked mergers could harm consumers and stifle investment and innovation,” he said.