“National Champions” Rhetoric in European Law — Or the many faces of protectionism - World Competition View “National Champions” Rhetoric in European Law — Or the many faces of protectionism by António Goucha Soares - World Competition “National Champions” Rhetoric in European Law — Or the many faces of protectionism António Goucha Soares 31 3

The article aims to debate the issue of national champions regarding merger operations with a Community dimension. It starts with a brief overview of the legal framework for merger review in European Union law, as well as a reference to the division of competences between the Union and the Member States in this field. Then, it analyses the scope of Member State action regarding merger operations with a Community dimension, namely the clause to protect national legitimate interests. After some illustrations of recent cases concerning Member States’ defence of national champions, the article devotes the last part to a reflection of two related issues: the concept of industrial policy and the new challenges raised by sovereign wealth funds.

World Competition