The European Commission has launched a public consultation on draft revised EU Merger Guidelines, marking the most significant review of EU merger control in over two decades. The proposed framework introduces a more effects-based approach to merger assessment, with greater emphasis on innovation, efficiencies, market dynamics, and long-term competitiveness. Key developments include the introduction of a “theory of benefit”, recognition of innovation as a central competitive factor, a broader assessment of market power, a new theory of harm relating to the entrenchment of dominance, and clarification of the role of public interest and geopolitical considerations in merger review.