Driven by the Draghi report, technology and geopolitical risk, the EU is actively reviewing its merger guidelines. 

 The Nordic Council of Ministers has commissioned this analysis to explore the conditions under which cross-border mergers and acquisitions (M&A) can deliver broad societal benefits, while also identifying the risks to competition and consumer welfare. While advanced economies have experienced steadily increasing market concentration and profitability, the underlying drivers are contested. Part of the explanation lies in structural changes such as globalisation and the rise of intangible assets.

 The analysis aims to provide a framework and knowledge base to inform policy decisions that balance economic efficiency with strategic resilience in a rapidly evolving European industrial landscape.