Europe's New Antitrust Chief Advocates Looser Competition Rules

Teresa Ribera, Europe's upcoming antitrust chief, aims to ease competition laws to bolster European industries and expedite merger deal reviews. Her perspective aligns with a report by Mario Draghi, advocating for a comprehensive reform to empower European companies and improve competitive standings against U.S. and Chinese firms.

Teresa Ribera, the newly appointed antitrust chief for Europe, plans to relax the bloc's competition regulations to enhance the strength of European industries and hasten the regulatory review process for merger deals. Ribera outlined her vision in an interview on Thursday with Spanish newspaper El Pais.

Her comments highlight the increasing protectionist trends within the 27-member European Union and emphasize efforts to help European companies compete more effectively with larger American and Chinese corporations. This approach aligns with a report by former Italian Prime Minister Mario Draghi, commissioned by European Commission President Ursula von der Leyen, which recommends overhauling EU competition rules and taking a pan-European approach to merger evaluations.

"The rules can be softened in various directions, but always with the aim of strengthening European capacities," Ribera stated. She underscored the need to reform the rules for agility and to focus on providing the European industry with a strategic dimension. Ribera also called for creating a balanced business ecosystem rather than relying on just a few national champions.

She criticized current EU merger regulations as being unnecessarily slow and complex, proposing shorter scrutiny periods for deal assessments. Additionally, Ribera, who is also leading the EU's green transition efforts, cautioned against using public funds to promote nuclear energy, noting that such decisions should be left to individual countries.

(With inputs from agencies.)