The European Union’s competition policy is often portrayed as a brake on growth, as if fines and rules designed to curb the power of large firms inevitably constrain scale. This view mistakes the relation between enforcement and growth.

Euro‑area inflation has returned to 2% for three consecutive months. That marks a technical victory for the European Central Bank after four years of volatility. Manufacturing sentiment sits at a 41‑month high, showing improvement in activity alongside disinflation. Yet the achievement is provisional. Whether inflation stays near target will depend on wage behavior rather than on goods prices.