The Merger Regulation, the first Europe-wide merger-control law, has been in force for more than 12 years. This innovative piece of legislation gave the European Commission the exclusive jurisdiction to examine large, cross-border mergers in Europe, within tight deadlines, so as to assess their likely impact on competition. This has served to facilitate corporate restructuring in Europe, by ensuring regulatory clearance within a timetable that corresponds to the needs of business. Merger control is as important today as when it was first introduced, and our system has served Europe well. However, like all systems, it is in need of constant revision, to ensure it can meet evolving challenges. In December I will propose to the commission a blueprint for the most far-reaching reform of European merger control since the Council of Ministers adopted the Merger Regulation in December 1989. This reform is the outcome of a review programme, which I initiated in 2000, culminating in the publication of a green paper in December 2001. Central to the reform will be a new draft regulation, which I hope the council will adopt next year, so that it can enter into force in time for the enlargement of the Union.
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