The Minister of Development, Takis Theodorikakos, is participating in the European Union Competitiveness Council (COMPET) for the Internal Market and Industry, in Brussels.

The discussions among the relevant EU Ministers focused on strengthening the Union’s competitiveness and strategic autonomy, promoting its industrial renewal, as well as developing the EU manufacturing sector.

In his remarks, Mr. Theodorikakos stressed that the common goal is to strengthen productivity, competitiveness, innovation, investment and the resilience of the European economy.

As he noted, Greece welcomes the reform through the revision of the guidelines on merger control and views particularly positively the innovation shield and the recognition of dynamic efficiencies, namely the benefits that can strengthen businesses’ ability and incentives to invest and innovate.

“We believe that greater specification of the relevant criteria is needed so that the new guidelines can be applied consistently in practice. Mergers can certainly create substantial benefits, reduce costs, boost productivity, facilitate larger investments and increase businesses’ ability to innovate. It is therefore positive that the new draft takes all these benefits into account,” Mr. Theodorikakos said.

He stressed that the ability of European businesses to achieve greater scale must go hand in hand with maintaining effective competition. As he noted, mergers should not lead to higher prices, lower quality, fewer choices for consumers or restrictions on innovation.

“What is needed is a balanced approach: allowing European businesses to grow and strengthen their competitiveness when this creates genuine economic and productive benefits, while ensuring at the same time that effective competition in the single market is not undermined,” the Minister of Development stressed.

In closing, he stressed that greater clarity is needed regarding the criteria that will be used in practice: “It must be clear how the expected economic and investment benefits of the merger are demonstrated.”

On the sidelines of the meeting, Mr. Theodorikakos held a series of meetings with his counterparts, including Germany’s Federal Minister for Economic Affairs and Energy, Katherina Reiche, Italy’s Minister for Business and Made in Italy, Adolfo Urso, as well as Ireland’s Minister for Enterprise, Tourism and Employment, Peter Burke, who chairs the Council as part of Ireland’s Presidency of the European Union.