ABSTRACT
It is well-settled law that the European Court of Justice and the Court of First Instance provide the definitive interpretation of the EC Treaty and determine the legality of a Commission decision thereunder.4 A decision by the Commission under the ECMR is reviewed by the Community Courts in accordance with the limited grounds of appeal laid down in the Treaty.5 On matters of substance, judicial review must take account of the Commission's margin of discretion when dealing with questions of an economic nature, such as whether a merger is compatible with the common market.6 Generally, the Community Courts do not lightly disagree with the Commission's analysis in the absence of a manifest error of assessment.7 One reason for this stance may be the economic expertise and extensive decisional practice of the Commission in applying the ECMR. Another reason might be the need to take into account the tight time limits which characterize the ECMR and in which the Commission has to complete its assessment.8 Provided the Commission's decision is based on fact-finding that is supported by cogent evidence, in the absence of a manifest error, its economic analysis is likely to satisfy the "requisite legal standard".
