We try to contrast this with a condition in which the government hinges its approval on the fulfillment of the condition. I personally believe that there is absolutely nothing voluntary in a regulatory relationship. Merging parties are not altruists. They accede to commitments solely in order to get regulatory approval or to accelerate the review. Merger Review is Not an Opportunity to Substitute the Regulator's Vision of the Marketplace for That of Market Participants Third, I believe that merger review is not an opportunity to substitute the regulator's vision of the marketplace for that of market participants themselves.
Markets are dynamic.
They are churning, evolving, innovating stews that boil to suit consumer tastes. The market does not operate according to a recipe. One cannot really predict where markets will take you with any certainty. They enjoy speculating about how it all comes out and do so often at events and conferences like this one. Of course, being a market pundit is easy when there are no direct harms to us if we are wrong.