EC, or just (?) the Commission services: unclear, here.
Central question to me: do the draft Merger Guidelines go beyond innovation incentives and genuinely recognise competition as a process of decentralised experimentation, learning and discovery, in which firm heterogeneity and diverse innovation paths have independent competitive value🤔?
I'm so adverse to the term "innovation shield" that I won't be able to teach it as such, I'm afraid - I'll need to come up with another name. A bit of sanity, though: "this thing" doesn't apply to the acquisition of a start-up with an R&D project if the acquirer is a gatekeeper.
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