The European Community (EC) is currently adopting comprehensive new legislation within the framework of its internal market program, which is expected to transform the way business is conducted in the EC. By December 1992, the Community should be well on its way to becoming an integrated economy, with about 320 million consumers. Not surprisingly, the number of mergers and acquisitions in the EC across national boundaries is increasing in response to the prospects of a larger consumer base and greater market opportunities. The new EC Regulation “On the Control of Concentrations Between Undertakings” is one element of the EC’s ambitious program. It represents the European Community’s first attempt to establish a trans-national systematic merger control system and is intended to become the cornerstone of the EC’s competition policy.