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Although the question posed by the title of this book has generated considerable debate, theessential issue remains open and largely blurred. While some believe that there is no so-called'small market problem', others discern discrimination against small market companies (i.e., companies with a strong position in their home markets but a modest position in the Europeanand global markets) and a consequent need for changes in competition law. The author of thisenormously helpful work here sets the stage for meaningful discussion by analysing the EC MergerRegulation's objectives, economic foundations, and application practice to present a reasonedview of the issues that can be considered relevant for such a discussion.