Protecting consumers is not anti-growth

"The question is whether the way authorities look at competition should change depending on whether you're looking at old or new industries,” says Zach Meyers of the Centre for European Reform. “When thinking about a typical monopolist, you think about them sitting back, having the quiet life and overcharging consumers. But when you're thinking about how tech works, competition doesn't really work like that — they're competing on investment and innovation.”

Such considerations don’t justify watering down watchdogs’ traditional competition focus. Once regulators are tasked with balancing different objectives, the assessment of a deal “becomes very speculative,” cautions Meyers.