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.

By most measures, the world economy has held up under strain. Global trade as a share of GDP is stable, shipping volumes remain high, and production networks continue to stretch across regions. This outward steadiness gives the impression of continuity. Yet beneath the surface, the shape of flows is changing.