Cristina Caffarra

Dr. Cristina Caffarra is a competition economist who has worked as an expert witness and consultant in Europe for 25 years. She led European Competition at CRA between 2006 and 2022, with a team of over 100 economists, and then founded the European practice of Keystone in July 2022. She has directed economic analyses in competition investigations on landmark merger and conduct matters before the EC and the competition agencies of the U.K., multiple Member States, and beyond (from the U.S. to Africa, South East Asia, Russia, and Australia). She has provided expert economic evidence in multiple litigated cases before the courts (from the General Court in Luxembourg to the High Court and the Competition Appeal Tribunal in London, and many more). Dr. Caffarra is a recognized contributor to the global discussion on regulation of the digital economy, advising both companies and government agencies, writing and convening events. She regularly keynotes and participates to roundtables events on competition, regulation and digital policy. Dr. Caffarra is an Honorary Professor in Competition Economics at University College London and Co-Founder and Deputy Director of the CEPR Competition Research Policy Network. For more information, you can visit her personal website:

Are Letta, Macron and Draghi Marking the End of Neoliberalism in Europe?

Recent contributions from Enrico Letta, Mario Draghi, and Emmanuel Macron are exposing however deep concerns that the European project is floundering. Cristina Caffarra writes that Letta, Draghi and Macron are collectively making an urgent call to tackle the reality of a “divided bloc” that has lost ground, rethink industrial policy, public good investments and reformulate traditional trade-offs. Explicitly acknowledging the end of the neoliberal vision that still occupies many European institutions (from antitrust to trade to industrial policy) will be important to “join the dots” and make the trade-offs clearer.

Furthering Ecosystem Analysis in Antitrust

Large digital platforms have evolved into vast multimarket/multiproduct conglomerates, both organically and through a decade-long acquisition spree. Conduct and mergers can no longer be evaluated “market-by-market.” Yet the antitrust assessment of these “ecosystems” is still in its infancy, and regulators seeking to explore harm arising from the control of multiple assets and capabilities are falling back on traditional theories of harm that are more likely to resonate with judges. Substantive progress is unlikely to emerge spontaneously from consultants or academia, and regulators will need to harness interest in this space by motivating and coordinating relevant policy research, argues Cristina Caffarra.

What Signal are the Draft Merger Guidelines Sending to Enforcers Elsewhere?

Cristina Caffarra discusses the animating principles and profound changes brought about by the new draft Merger Guidelines, and argues they will resonate with policy makers and enforcers in other jurisdictions.

“Consumer Welfare Is Dead”: What Do We Do Instead?—A Perspective from Europe

“Consumer Welfare” has lost its place as the animating value and standard for modern antitrust. The standard is almost universally regarded as bunk and...

Antitrust Enforcement, Inflation and Corporate Greed: What do we know?

At a recent Centre for Economic Policy Research (CEPR) event, panelists, including the Stigler Center's own Luigi Zingales, reflected on the roles antitrust enforcement...

Why Privacy Experts Need a Place at the Antitrust Table

Antitrust enforcers have tended to stay narrowly “in their lane,” failing to engage with how data is collected and used by digital giants and...

How Will the Digital Markets Act Regulate Big Tech?

While the recently introduced Digital Markets Act rules might change prior to final approval, there is a lot to consider already. What are these...

The ACCC’s News Media Bargaining Code: Experimenting with “Decentralized Regulation” of Dominant Digital Platforms

The Australian Competition and Consumer Commission recently proposed a mandatory bargaining code to govern negotiations between digital platforms like Google and Facebook and publishers...

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