Brussels, 01/03/2004 (Agence Europe) - In a speech in Los Angeles on 28 February to UCLA Law First Annual Institute on US and EU Antitrust Aspects of Mergers and Acquisitions, Competition Commissioner Mario Monti spoke of the growing convergence in European and American Competition policies, which are pursuing the same objectives. He feels that co-operation between the EU and the US in competition matters is one of the greatest "success stories" of recent years, which is all the more encouraging "given that there is a perception that the EU and US have divergent philosophies when it comes to antitrust policy, and to merger control in particular". Mario Monti indicates that the very definition of competition policy is the same on either side of the Atlantic, especially in State intervention, which must observe certain limitations. Furthermore, the final objective is the same: to ensure the well-being of and respect for consumers. One economic reality and the same evolution of European and American economic thinking explain this convergence of opinions, despite a different way of working (American competition agencies go before federal courts whereas the EU has an administrative system which provides for a possible recourse to the ECJ). The Commissioner also welcomed the exchange of a "code of good practice" between the European and American authorities, to help to intensify dialogue, as will their "close co-operative relationship". Reforms undertaken in competition matters by the European Commission will help a new intensification of the trans-Atlantic dialogue, said Commissioner Monti, who feels that the clarifications brought, under the new mergers regulation, to the test applicable to the evaluation of the dominant positions, will make it easier to bring investigation procedures together between the European bodies and jurisdictions which, like the United States, use the "SLC" (substantial lessening of competition) test. Stressing the fact that European and American competition authorities are often called upon to examine the same merger operations, Mario Monti said that co-operation between these services "substantially reduces the risks of a divergent or incoherent regulatory intervention of compared to these transactions". In conclusion, the Commissioner stressed the size and weight of the EU on the world scene and as a regulatory element of competition. "Europe has importance, and is listened to", he said. This weight, he feels, will only increase in the future. "as a leading player, the EU has a real influence on the shape of antitrust policy more globally", he concluded.