Cani Fernandez, president of the National Commission of Markets and Competition (CNMC), today warned BBVA and Sabadell that if talks on a possible merger were to resume, they would have to make commitments. Fernandez, who took part in the annual meeting of the Family Business Institute, noted in this sense that “precedents are the integration of Caixabank and Bankia, as well as Unicaja and Liberbank.”
In a conversation with the media, the CNMC President recalled that “in both cases, the organizations committed themselves to guarantee competition and not allow the operations to enter the second stage of investigation and receive approval.”
Although the possibility of integrating BBVA and Sabadell now appears to be diminishing, Fernandez acknowledged that “last week the parties had kind contact with CNMC” to explain the terms of the operation should it finally be completed. was carried out, indicating, however, that “A merger does not necessarily mean there will be less competition.”
On the other hand, Fernandez stated the organization’s role in ensuring that, in the face of digital transformation and energy markets, “markets remain competitive and open.” According to Fernandez, competition is the key to “increasing productivity, promoting innovation and generating more growth, creating greater benefits for consumers by helping lower prices.”
“Competition has a positive impact on macroeconomic variables,” Fernandez said.
who advocated the need to prevent barriers to entry for companies into the market. The CNMC president also noted that the organization is trying to act as quickly as possible “so as not to interfere with business.” Fernandez criticized what the European Commission has found to be “technological gatekeepers who monopolize the market” and which he said act as “quasi-monopolistic” companies.
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“When we talk about search engines on the Internet, there is only one that comes to mind; when we talk about mobile phone operating systems we think of two, and in social networks we think of two or three. These are firms that close the market with harmful consequences. at competitions.”
Fernandez recalled that in December last year the European Commission first appointed six gatekeepers under the Digital Markets Act.
These are Alphabet, Amazon, Apple, BydeDance, Meta and Microsoft. A total of 22 core platform services have been identified as being provided by these gatekeepers, who are required to ensure full compliance with the obligations set out in the rules for each of their designated core platform services.