The EU’s incoming competition chief has signalled a new era in how Brussels polices dealmaking, promising the bloc’s merger rules will “evolve” to help European companies build scale to take on global rivals. Teresa Ribera told the Financial Times she would take a “step by step” approach to reforms to clear away barriers to innovation and boost the EU’s flagging competitiveness against the US and China.
At the same time, some capitals fear significant reform would give powerful member states, such as France and Germany, an opportunity to seize back power from the commission, the EU’s top competition authority, in an area where Brussels has proven its independence. Ribera also faces the tough task of balancing the EU’s ambitious climate goals, aspirations to boost industry and pushback from capitals on the speed and cost of the green transition.