CMA publishes E.CA’s ex post evaluation of vertical mergers

14 April 2022 | News
CMA publishes E.CA’s ex post evaluation of vertical mergers Read More

On 14 April 2022, the British Competition and Markets Authority (CMA) published E.CA Economics’ ex post evaluation of its approach to vertical mergers. The CMA retained us to look at four recent mergers with a vertical component and evaluate whether CMA’s assessment was reasonable and correct. We also reviewed the current thinking on vertical mergers to help the CMA learn from the latest developments.

We found that the CMA carried out, on the whole, high quality analysis with only a small number of analytical choices we would not have made. The CMA appeared more lenient to vertical mergers than horizontal mergers, perhaps more than would be justified, although we did not conclude the CMA should have blocked any of the mergers we studied in detail. We also found that the CMA would need to continue to evolve its toolkit to capture accurately the complexities that vertical mergers bring, including making potentially uncomfortable decisions in the platform markets space.

Read the study

Press release

2 March 2022 | News
Support study for revision of Railway Guidelines Read More

E.CA Economics will assist the European Commission in the revision of the Railway Guidelines. Together with LEAR, University of East Anglia and Sheppard Mullin, E.CA will provide an impact assessment support study for the review of the Community guidelines on State aid for railway undertakings. It will provide factual, analytical and data inputs that contribute to ensuring that the Guidelines set the rules applicable to the rail sector and to the entire value chain involved in the modal shift from road to rail and other less polluting transport modes. Over 140 stakeholders (among others granting authorities, regulatory bodies, industry associations, and railway and logistics companies) from 13 different countries will be contacted via surveys and targeted interviews to collect relevant data and meaningful insights. Industry experts from Institute for Transport Studies, University of Leeds will be supporting the consortium.


As part of the revision process of the current Community Guidelines on State aid for railway undertakings (Railway Guidelines) from 2008, the Directorate General for Competition of the European Commission (DG COMP) has commissioned this external support study. The fitness check of the Railway Guidelines conducted in 2019 and 2020 confirmed that the Guidelines are not fit-for-purpose and require a full-fledged review to align them with the market and regulatory developments, in particular to make them fit for the full liberalisation of the rail sector following in particular the adoption of the Fourth Railway Package in 2016. This review is also required to support the EU policy priorities in the context of the Green Deal and the increased importance of a modal shift from road to less polluting transport modes such as rail and inland waterways in order to meet the Union’s emissions reduction target by 2050.

Alia Schweiger, Manager E.CA Economics
20 September 2019 | News
E.CA Economics presents at the UIA’s 10th Annual Business Law Forum in Vienna Read More

Alia Schweiger, Manager at E.CA Economics, will participate in a panel discussion on „E-Commerce & Platform Businesses: Legal Framework – A Moving Target for Producers, Brand Owners, Dealers and Consumers?“ at the UIA’s 10th Annual Business Law Forum on 20 & 21 September 2019 in Vienna.

Link to the 10th Annual Business Law Forum in Vienna


2 July 2019 | News
Theon van Dijk new Chief Economist at ACM Read More

Theon van Dijk, currently director at E.CA Economics’ office in Brussels, will be the new Chief Economist at the Dutch Authority for Consumers & Markets (ACM) as of 1 October 2019.


Link to press release.

Link to the ACM press release.