{"id":15466,"date":"2026-02-18T18:10:57","date_gmt":"2026-02-18T18:10:57","guid":{"rendered":"https:\/\/www.gsma.com\/about-us\/regions\/europe\/?p=15466"},"modified":"2026-04-01T11:15:36","modified_gmt":"2026-04-01T10:15:36","slug":"next-chapter-in-merger-control","status":"publish","type":"post","link":"https:\/\/www.gsma.com\/about-us\/regions\/europe\/general\/next-chapter-in-merger-control\/","title":{"rendered":"The Next Chapter in Merger Control: Towards a Dynamic Competition Framework"},"content":{"rendered":"<p>\u201c<em>How can merger assessments best reflect Europe\u2019s policy priorities, and ensure the best outcomes for consumer welfare?\u201d <\/em>That was the billion-euro question that GSMA\u2019s Director General, Vivek Badrinath, asked during his Opening Keynote at the event for the launch of BRG\u2019s study<em> \u201cA Dynamic Framework for the Assessment of Horizontal Mergers\u201d<\/em>, commissioned by GSMA, with support from Connect Europe.<\/p>\n<p>The event brought together policymakers from DG Competition and National Competition Authorities, academics, industry experts, and the wider competition community to reflect on key questions for DG COMP\u2019s ongoing EU merger guidelines reform.<\/p>\n<div id='gallery-1' class='gallery gallery_tiles galleryid-15466 gallery-columns-3 gallery-size-full'><div class='gallery-item' data-micromodal-trigger='modal-1-0'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"930\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-3-e1771346191650.jpeg\" class=\"attachment-full size-full\" alt=\"A panel of six people, four men and two women, sit on a stage facing an audience, discussing in front of a screen displaying the GSMA logo and event title. The room is modern, with flower arrangements and a QR code on the presentation slide.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-3-e1771346191650.jpeg 1600w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-3-e1771346191650-300x174.jpeg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-3-e1771346191650-1024x595.jpeg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-3-e1771346191650-768x446.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-3-e1771346191650-1536x893.jpeg 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-1-1'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1489\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-114-scaled-e1771343269881.jpg\" class=\"attachment-full size-full\" alt=\"Six panelists in business attire sit on stage in front of an audience. Behind them is a large screen with the text: \u201cThe Next Chapter in Merger Control: Towards a Dynamic Competition Framework\u201d and a prominent QR code, flanked by tall floral arrangements.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-114-scaled-e1771343269881.jpg 2560w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-114-scaled-e1771343269881-300x174.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-114-scaled-e1771343269881-1024x596.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-114-scaled-e1771343269881-768x447.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-114-scaled-e1771343269881-1536x893.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-114-scaled-e1771343269881-2048x1191.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-1-2'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"930\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-8-1-e1771346223749.jpeg\" class=\"attachment-full size-full\" alt=\"A man in a suit and glasses speaks at a podium with microphones. Behind him is a screen displaying a QR code, text, and cityscape images. The text reads, \u201cNext Chapter in Merger Control: Towards a Dynamic Competition Framework.\u201d Plants are visible in the background.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-8-1-e1771346223749.jpeg 1600w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-8-1-e1771346223749-300x174.jpeg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-8-1-e1771346223749-1024x595.jpeg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-8-1-e1771346223749-768x446.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-8-1-e1771346223749-1536x893.jpeg 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-1-3'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1710\" height=\"998\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-086-scaled-e1771346263570.jpg\" class=\"attachment-full size-full\" alt=\"A man in a navy suit, white shirt, and patterned tie speaks at a podium with two microphones. Behind him is a blurry presentation slide showing a QR code and text, with a modern office background visible.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-086-scaled-e1771346263570.jpg 1710w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-086-scaled-e1771346263570-300x175.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-086-scaled-e1771346263570-1024x598.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-086-scaled-e1771346263570-768x448.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-086-scaled-e1771346263570-1536x896.jpg 1536w\" sizes=\"(max-width: 1710px) 100vw, 1710px\" \/><\/a>\n\t\t\t<\/div>\n\t\t<\/div>\n\n<h3><strong>Report presentation: \u201cA Dynamic Framework for the Assessment of Horizontal Mergers\u201d\u00a0<\/strong><\/h3>\n<p>Xavier Boutin, Laurent Eymard, and Mark Williams (BRG) presented the key findings of their report, highlighting the flaws their analysis has identified in the European Commission\u2019s current approach to merger review and offering a concrete methodology for adapting the framework to capture dynamic effects. Their proposed approach consists of three steps:<\/p>\n<ol>\n<li>Understand the main dimensions of competition that drive consumer welfare in the given industry.<\/li>\n<li>a: Assess theories of <em>competitive effects<\/em> (as opposed to <em>theories of<\/em> <em>harm) <\/em>along each of the identified dimensions in step 1. Here, the assessment will focus on what the report calls <em>direct<\/em> <em>strategic effects, <\/em>e., merger-induced changes in the parties\u2019 behaviour arising <em>directly <\/em>from the change in ownership.<\/li>\n<\/ol>\n<p>b: Integrate efficiencies into the core competitive assessment \u2013 efficiencies should be understood as merger-induced changes in the underlying parameters of the competitive environment, such as variable or fixed costs, technological and organisational synergies in production, distribution, or investment.<\/p>\n<p>One of the key proposals of the report is that all strategic effects \u2013 direct and indirect, dynamic and static, pro- and anti-competitive \u2013 are evaluated <em>together <\/em>under the same standards. The report further suggests that merger assessments should take a broader view of consumer welfare.<\/p>\n<div id='gallery-2' class='gallery gallery_tiles galleryid-15466 gallery-columns-3 gallery-size-full'><div class='gallery-item' data-micromodal-trigger='modal-2-0'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1489\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-078-scaled-e1771342636302.jpg\" class=\"attachment-full size-full\" alt=\"Three men in suits sit on a stage panel in front of an audience. Two tall vases with red flowers flank the stage, and a presentation slide with text is projected behind them. The audience sits attentively, facing the speakers.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-078-scaled-e1771342636302.jpg 2560w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-078-scaled-e1771342636302-300x174.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-078-scaled-e1771342636302-1024x596.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-078-scaled-e1771342636302-768x447.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-078-scaled-e1771342636302-1536x893.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-078-scaled-e1771342636302-2048x1191.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-2-1'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1489\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-072-scaled-e1771342731784.jpg\" class=\"attachment-full size-full\" alt=\"Three men in business attire sit on stage, each with a microphone, during a panel discussion. Behind them, a presentation slide displays partially visible text. The audience\u2019s heads are visible in the foreground. The setting is formal and professional.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-072-scaled-e1771342731784.jpg 2560w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-072-scaled-e1771342731784-300x174.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-072-scaled-e1771342731784-1024x596.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-072-scaled-e1771342731784-768x447.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-072-scaled-e1771342731784-1536x893.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-072-scaled-e1771342731784-2048x1191.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-2-2'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1489\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-071-scaled-e1771342680512.jpg\" class=\"attachment-full size-full\" alt=\"A computer screen displays a conference slide titled \u201cA Dynamic Framework for the Assessment of Horizontal Mergers\u201d with authors Xavier Boutin, Laurent Eymard, and Mark Williams. The slide has logos for BRG and GSMA, and shows modern glass buildings inside a circular graphic.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-071-scaled-e1771342680512.jpg 2560w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-071-scaled-e1771342680512-300x174.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-071-scaled-e1771342680512-1024x596.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-071-scaled-e1771342680512-768x447.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-071-scaled-e1771342680512-1536x893.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-071-scaled-e1771342680512-2048x1191.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a>\n\t\t\t<\/div>\n\t\t<\/div>\n\n<p>\u00a0<\/p>\n<span class=\"shortcode_button_wrapper\"><a class=\"shortcode_button gsmacolor_red size_medium\" href=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/BRG-GSMA-CE-Report.pdf\" target=\"_blank\">Download the report<\/a><\/span>\n<h3><strong>Merger Analysis: A More Dynamic Framework<\/strong><\/h3>\n<p>In the first panel, Emanuele Tarantino, DG COMP\u2019s Chief Economist, highlighted several constructive contributions that the report makes, including the importance of understanding not just <em>what harms<\/em> innovation but also <em>what drives<\/em> innovation incentives. He remarked that DG COMP is considering engaging with efficiencies early on, and while he agreed that the benefits of mergers are more likely to arise when firms compete on innovation, the Chief Economist emphasised the importance of understanding how the merger changes incentives to invest and innovate <em>now<\/em>, without having to quantify their effects in 7-10 years\u2019 time.<\/p>\n<p>Ben Wreschner, Vodafone, captured the room\u2019s attention when he remarked that in telecoms, mergers allow for the suspension of the rules of maths, as <em>1<\/em> <em>+ 1 = 4<\/em>. That is because the shift in the supply affects average costs, which leads to added capacity of the network, resulting in better outcomes for consumers. Currently, he continued, the starting point in the merger analysis is often <em>1 + 1 = 2<\/em>, reflecting an assumption that the conditions of supply stay the same after the merger.<\/p>\n<div id='gallery-3' class='gallery gallery_tiles galleryid-15466 gallery-columns-3 gallery-size-full'><div class='gallery-item' data-micromodal-trigger='modal-3-0'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1069\" height=\"1600\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-2.jpeg\" class=\"attachment-full size-full\" alt=\"A woman with long red hair, glasses, and a headset mic sits in a black chair. She wears a leopard print jacket over a black outfit, gestures with one hand, and holds a tablet in the other, appearing engaged in conversation.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-2.jpeg 1069w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-2-200x300.jpeg 200w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-2-684x1024.jpeg 684w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-2-768x1149.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-2-1026x1536.jpeg 1026w\" sizes=\"(max-width: 1069px) 100vw, 1069px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-3-1'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1069\" height=\"1600\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-1.jpeg\" class=\"attachment-full size-full\" alt=\"A middle-aged man with short hair, wearing a navy blue suit and white shirt, sits in a black chair. He looks focused, with hands holding papers. A blurred bottle is in the foreground and a projection screen is in the background.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-1.jpeg 1069w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-1-200x300.jpeg 200w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-1-684x1024.jpeg 684w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-1-768x1149.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-1-1026x1536.jpeg 1026w\" sizes=\"(max-width: 1069px) 100vw, 1069px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-3-2'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1069\" height=\"1600\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-5.jpeg\" class=\"attachment-full size-full\" alt=\"A man with short dark hair and a trimmed beard sits in a chair, wearing a navy suit, light shirt, and tie. He clasps his hands in front of him, appearing attentive and engaged. He wears a headset and conference lanyard, with a blurred background.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-5.jpeg 1069w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-5-200x300.jpeg 200w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-5-684x1024.jpeg 684w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-5-768x1149.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-5-1026x1536.jpeg 1026w\" sizes=\"(max-width: 1069px) 100vw, 1069px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-3-3'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1069\" height=\"1600\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-5.jpeg\" class=\"attachment-full size-full\" alt=\"A man with light brown hair, glasses, and a plaid suit jacket is seated, holding a smartphone and gesturing with his other hand. He wears a blue shirt and a pin, and has a headset mic. A blurred screen and red flowers are visible in the background.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-5.jpeg 1069w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-5-200x300.jpeg 200w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-5-684x1024.jpeg 684w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-5-768x1149.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-5-1026x1536.jpeg 1026w\" sizes=\"(max-width: 1069px) 100vw, 1069px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-3-4'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1069\" height=\"1600\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14.jpeg\" class=\"attachment-full size-full\" alt=\"A bald man wearing glasses, a gray blazer, and a striped shirt sits in a black chair, speaking with his left hand raised. He has a thin microphone headset on his cheek and appears engaged in conversation during an indoor event or discussion.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14.jpeg 1069w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-200x300.jpeg 200w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-684x1024.jpeg 684w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-768x1149.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.14-1026x1536.jpeg 1026w\" sizes=\"(max-width: 1069px) 100vw, 1069px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-3-5'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1069\" height=\"1600\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-1.jpeg\" class=\"attachment-full size-full\" alt=\"A woman with long brown hair and glasses, wearing a purple, white, and pink patterned dress, sits in a chair holding a smartphone. She gestures with her hand while speaking. A blurred screen with a QR code and text is visible in the background.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-1.jpeg 1069w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-1-200x300.jpeg 200w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-1-684x1024.jpeg 684w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-1-768x1149.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.36.15-1-1026x1536.jpeg 1026w\" sizes=\"(max-width: 1069px) 100vw, 1069px\" \/><\/a>\n\t\t\t<\/div>\n\t\t<\/div>\n\n<h3><strong>Modernise the Rulebook: Translating Economic Theory into Practical Guidelines<\/strong><\/h3>\n<p>The second panel discussion delved into several key questions for the merger guidelines review: <em>should we move away from an approach where standards of proof in merger analysis are treated differently, how do changes in market structure change incentives, what is <\/em><em>the appropriate counterfactual to examine in the analysis?<\/em><\/p>\n<p>Daniele Calisti, Head of Unit at DG COMP\u2019s Mergers case support and policy unit, clarified that within DG COMP, there is no bias for or against transactions, with each merger being assessed on its own facts. Dynamic effects also already play a role in the Commission\u2019s merger analysis.\u00a0 Thus, the current challenge, according to the Head of Unit, is not about recognising dynamic effects but about <em>how<\/em> to assess them in a reliable and consistent way. Mr Calisti was clear that if there is a perception that the standard for proving efficiencies is biased and too difficult to meet, DG COMP is ready to work on addressing these concerns.<\/p>\n<p>The panel featured a number of other insightful interventions, with Georg B\u00f6ttcher, Siemens, noting that scale and investment incentives matter beyond telecoms, and across sectors. He cautioned that Europe risks falling behind in the global industrial race and emphasized that scale will be essential to fund the innovation needed for the EU to remain globally competitive.<\/p>\n<div id='gallery-4' class='gallery gallery_tiles galleryid-15466 gallery-columns-3 gallery-size-full'><div class='gallery-item' data-micromodal-trigger='modal-4-0'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1710\" height=\"2257\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-105-scaled-e1771343685588.jpg\" class=\"attachment-full size-full\" alt=\"A middle-aged man with a bald head and beard, dressed in a dark suit and light blue shirt, sits with his legs crossed and hands clasped under his chin. He appears thoughtful, with eyeglasses resting in his hands and a neutral background behind him.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-105-scaled-e1771343685588.jpg 1710w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-105-scaled-e1771343685588-227x300.jpg 227w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-105-scaled-e1771343685588-776x1024.jpg 776w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-105-scaled-e1771343685588-768x1014.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-105-scaled-e1771343685588-1164x1536.jpg 1164w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-105-scaled-e1771343685588-1552x2048.jpg 1552w\" sizes=\"(max-width: 1710px) 100vw, 1710px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-4-1'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1834\" height=\"2419\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-104-scaled-e1771343933173.jpg\" class=\"attachment-full size-full\" alt=\"A bald man with a short beard, wearing a navy blue suit and a blue tie, sits holding papers on his lap. He appears to be at a formal event, looking to the side while listening attentively. A blurred glass bottle is visible in the foreground.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-104-scaled-e1771343933173.jpg 1834w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-104-scaled-e1771343933173-227x300.jpg 227w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-104-scaled-e1771343933173-776x1024.jpg 776w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-104-scaled-e1771343933173-768x1013.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-104-scaled-e1771343933173-1165x1536.jpg 1165w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-104-scaled-e1771343933173-1553x2048.jpg 1553w\" sizes=\"(max-width: 1834px) 100vw, 1834px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-4-2'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1941\" height=\"2560\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-103-scaled-e1771343546991.jpg\" class=\"attachment-full size-full\" alt=\"A woman with long brown hair, wearing a white blouse with a bow and a dark vest, sits in a chair holding papers. She has a small microphone headset and is smiling, glancing to her left against a plain background.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-103-scaled-e1771343546991.jpg 1941w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-103-scaled-e1771343546991-227x300.jpg 227w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-103-scaled-e1771343546991-776x1024.jpg 776w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-103-scaled-e1771343546991-768x1013.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-103-scaled-e1771343546991-1165x1536.jpg 1165w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-103-scaled-e1771343546991-1553x2048.jpg 1553w\" sizes=\"(max-width: 1941px) 100vw, 1941px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-4-3'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1710\" height=\"2257\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-102-scaled-e1771343987569.jpg\" class=\"attachment-full size-full\" alt=\"A man in a suit and green polka-dot tie sits holding an open notebook. He has a beard, is wearing a headset microphone, and is looking to the side attentively. The background is blurred, with flowers and a presentation screen visible.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-102-scaled-e1771343987569.jpg 1710w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-102-scaled-e1771343987569-227x300.jpg 227w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-102-scaled-e1771343987569-776x1024.jpg 776w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-102-scaled-e1771343987569-768x1014.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-102-scaled-e1771343987569-1164x1536.jpg 1164w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-102-scaled-e1771343987569-1552x2048.jpg 1552w\" sizes=\"(max-width: 1710px) 100vw, 1710px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-4-4'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1710\" height=\"2257\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-101-scaled-e1771344030386.jpg\" class=\"attachment-full size-full\" alt=\"A man in a blue suit, red tie, and glasses sits on a chair, wearing a headset microphone. He has short brown hair and a neutral expression. In the background, there is a blurred screen with red, white, and black graphics and partial text.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-101-scaled-e1771344030386.jpg 1710w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-101-scaled-e1771344030386-227x300.jpg 227w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-101-scaled-e1771344030386-776x1024.jpg 776w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-101-scaled-e1771344030386-768x1014.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-101-scaled-e1771344030386-1164x1536.jpg 1164w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-101-scaled-e1771344030386-1552x2048.jpg 1552w\" sizes=\"(max-width: 1710px) 100vw, 1710px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-4-5'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1710\" height=\"2257\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-109-scaled-e1771344065400.jpg\" class=\"attachment-full size-full\" alt=\"A man in a pinstriped suit and glasses sits holding papers and a pen. He wears a patterned tie and has a headset microphone. He looks to his left, appearing engaged in conversation. A blurred bottle and a plant are visible in the foreground and background.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-109-scaled-e1771344065400.jpg 1710w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-109-scaled-e1771344065400-227x300.jpg 227w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-109-scaled-e1771344065400-776x1024.jpg 776w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-109-scaled-e1771344065400-768x1014.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-109-scaled-e1771344065400-1164x1536.jpg 1164w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-109-scaled-e1771344065400-1552x2048.jpg 1552w\" sizes=\"(max-width: 1710px) 100vw, 1710px\" \/><\/a>\n\t\t\t<\/div>\n\t\t<\/div>\n\n<h3><strong>A timely discussion at a pivotal moment for Europe<\/strong><\/h3>\n<p>Throughout the day, the panellists outlined compelling visions for what the next chapter of EU merger control could look like. One thing was clear: at a time when Europe is redefining its economic ambitions, standing still is not an option. The lively and insightful discussions offered thoughtful reflections on how Europe\u2019s merger framework can evolve to meet the changing economic realities while still placing consumers\u2019 welfare at the centre. The task now is to translate reflections into action \u2013 a balanced and modernised approach to merger control will be needed to unlock investment, innovation, and long-term growth across the Union.<\/p>\n<p>At the GSMA, we are proud to have contributed meaningfully, together with our partners, to this\u00a0timely\u00a0and important conversation on the future of EU merger control.<\/p>\n<div id='gallery-5' class='gallery gallery_tiles galleryid-15466 gallery-columns-3 gallery-size-full'><div class='gallery-item' data-micromodal-trigger='modal-5-0'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1262\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-27-scaled-e1773153187673.jpg\" class=\"attachment-full size-full\" alt=\"A large group of people in business attire are seated in rows facing a stage, where speakers present from a podium. The room is modern with floor-to-ceiling windows on one side, showing trees outside. A screen displays presentation slides above the speakers.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-27-scaled-e1773153187673.jpg 2560w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-27-scaled-e1773153187673-300x148.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-27-scaled-e1773153187673-1024x505.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-27-scaled-e1773153187673-768x379.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-27-scaled-e1773153187673-1536x757.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-27-scaled-e1773153187673-2048x1010.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-5-1'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1069\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-6.jpeg\" class=\"attachment-full size-full\" alt=\"A large audience attends a business conference in a modern, well-lit room. A speaker stands at a podium, while a screen beside the stage displays a slide. In the foreground, another screen shows a QR code and the title &quot;The New Chapter in Merger Control: Competition Framework.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-6.jpeg 1600w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-6-300x200.jpeg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-6-1024x684.jpeg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-6-768x513.jpeg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/WhatsApp-Image-2026-02-05-at-16.35.55-6-1536x1026.jpeg 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-5-2'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1710\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-12-scaled-e1771345687569.jpg\" class=\"attachment-full size-full\" alt=\"A GSMA banner featuring a close-up of a hand holding a microphone stands in the foreground; in the background, people are gathered and conversing in a brightly lit, modern event space with large windows.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-12-scaled-e1771345687569.jpg 2560w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-12-scaled-e1771345687569-300x200.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-12-scaled-e1771345687569-1024x684.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-12-scaled-e1771345687569-768x513.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-12-scaled-e1771345687569-1536x1026.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-12-scaled-e1771345687569-2048x1368.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-5-3'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2530\" height=\"1689\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-061-scaled-e1771345733312.jpg\" class=\"attachment-full size-full\" alt=\"Six adults, four facing away from the camera, stand in a close group, engaged in conversation. One man in glasses and a grey blazer smiles. The group is dressed in business or smart casual attire, standing indoors against a plain background.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-061-scaled-e1771345733312.jpg 2530w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-061-scaled-e1771345733312-300x200.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-061-scaled-e1771345733312-1024x684.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-061-scaled-e1771345733312-768x513.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-061-scaled-e1771345733312-1536x1025.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-061-scaled-e1771345733312-2048x1367.jpg 2048w\" sizes=\"(max-width: 2530px) 100vw, 2530px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-5-4'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1710\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-044-scaled-e1771345792447.jpg\" class=\"attachment-full size-full\" alt=\"Three women stand in conversation at an indoor event. One holds a cup, another wears a mauve blouse, and the third, in a blazer, gestures with her hand. Blurred figures and tables with cups are visible in the background. The atmosphere appears social and casual.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-044-scaled-e1771345792447.jpg 2560w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-044-scaled-e1771345792447-300x200.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-044-scaled-e1771345792447-1024x684.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-044-scaled-e1771345792447-768x513.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-044-scaled-e1771345792447-1536x1026.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-044-scaled-e1771345792447-2048x1368.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a>\n\t\t\t<\/div><div class='gallery-item' data-micromodal-trigger='modal-5-5'>\n\t\t\t\t\n\t\t\t\t<a class='image_link' href='#' ><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1710\" src=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-134-scaled-e1771345981499.jpg\" class=\"attachment-full size-full\" alt=\"A large group of people sit closely together in rows at a conference or seminar, listening attentively. Most people wear business or smart casual attire. Expressions range from focused to neutral. The background is slightly blurred, indicating a packed room.\" srcset=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-134-scaled-e1771345981499.jpg 2560w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-134-scaled-e1771345981499-300x200.jpg 300w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-134-scaled-e1771345981499-1024x684.jpg 1024w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-134-scaled-e1771345981499-768x513.jpg 768w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-134-scaled-e1771345981499-1536x1026.jpg 1536w, https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/GSMA2026-134-scaled-e1771345981499-2048x1368.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.gsma.com\/about-us\/regions\/europe\/wp-content\/uploads\/2026\/02\/BRG-GSMA-CE-Report.pdf\">Download the report<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u201cHow can merger assessments best reflect Europe\u2019s policy priorities, and ensure the best outcomes for consumer welfare?\u201d That was the billion-euro question that GSMA\u2019s Director General, Vivek Badrinath, asked during his Opening Keynote at the event for the launch of BRG\u2019s study \u201cA Dynamic Framework for the Assessment of Horizontal Mergers\u201d, commissioned by GSMA, with [&hellip;]<\/p>\n","protected":false},"author":75,"featured_media":15694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,28],"tags":[],"algolia_discover_type":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - 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