I believe that the existing focus on efficiency is a bit weird because, first of all, when you think about efficiency gains, they apply first and foremost to the company owners or the shareholders and, if anything, these gains might hurt consumers and perhaps lead to some employment cuts, so there may be some negative consequences as a result.
Another aspect that I find problematic is that when you consider this trade-off between efficiency gains and potential losses that increases market power, the efficiency gains typically are the ones that are easy to quantify because, essentially, if you are a company that proposes a merger and as a part of the merger you can reduce some duplicate operations, you have the numbers right in front of you on how much you're going to save and you're going to save it relatively in the short term, as opposed to its being much more difficult to quantify the long-term implications for consumers, to the labour force, and so on. Also, as you correctly mentioned, they happen in the longer term, so—