She also stressed that the sale process should not include elements of state intervention for the new owner after privatisation. In discussing the broader framework of privatisation, Michaelidou said that the issue touches both national privatisation policies and EU state aid rules. “It is important to adhere to market rules and specifically the market economy investor principle,” she added. On potential risks of state aid, Michaelidou identified factors such as selling below value without independent valuation, non-open competitions, or the exclusion of potential buyers. “The assessment of risk should include an analysis of what a private investor would do, whether the market is favourable, the risks involved, and the expected returns,” she concluded.