Does size matter? Europe seems to think so. The idea of creating European industrial champions is making a comeback. The logic is tempting: bigger companies, greater scale, stronger competitors on the global stage. But there's a catch. What if making companies bigger ends up undermining the very competition that makes them competitive? Industrial policy and competition policy need not be at odds. The former can help build industrial capabilities, while the latter ensures that companies remain under pressure to innovate and improve. And perhaps the tension between the two isn't a problem to be solved, but a safeguard worth preserving. Europe needs champions. But the real challenge is making sure they're competitive ones, not merely protected ones.