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The Merger Review Guidelines were originally adopted to provide clarity on the legal principles and analytical tools used by the agencies to assess the likelihood that a transaction violates the legal prohibition on mergers. The aim was thus to ensure transparency for stakeholders, the public, the courts, and companies. Over the years, the agencies have therefore relied on established law and, in the absence of binding precedent, on the analytical tools used to incorporate new developments in case law and economic learning. The guidelines since 1992 indicate the need to improve consumer welfare. As the current Agency initiative follows these approaches to articulate the accepted underlying legal principles and to ensure the transparency of any assessment tool, the initiative to revise the guidelines is a good idea. In her view, the last guidelines already provided a solid and comprehensive framework for agencies to assess and challenge mergers. Thus, a full revision is not necessary. Changes should be incremental and should reflect established antitrust principles rather than new and untested theories.