Merger and competition policy is a key component of the restructuring of European industry in the 1990s. In this book four industrial economists explore the major issues confronting industry and policy makers: the direct effect of mergers on the firms involved and the trade-off between enhanced efficiency and increased market concentration through the creation of dominant firms. In assessing the evidence from recent merger policy in Europe the authors conclude that there is often a tendency to overrate the benefits and underestimate the costs of merger activity. As well as examining recent activity the authors discuss various proposals for an integrated European merger policy which will guarantee that Europe achieves real economic growth and can compete effectively in world markets.