Portrait of Francesca Sala

Francesca Sala Partner

Francesca has over 20 years’ experience as a professional economist in the field of competition policy and regulation, including 16 years at the UK Competition and Markets Authority (CMA) and its predecessor the UK Competition Commission, and five years as an economics consultant in the private sector.

During her time at the CMA, she was Director of Economics and led the economic analysis on numerous Phase 1 and Phase 2 merger investigations, market studies and investigations and antitrust matters in the pharmaceutical and digital sectors. She also led the economist team’s input into several policy projects, including the Phase 2 Merger Process review and the Markets Guidance review. As part of the CMA economist management team, she was responsible for the recruitment activity, led the introduction of apprenticeship and returners programmes, and supported initiatives to help women progress in their careers.

She holds a PhD in Public Economics from the University of Pavia and an MA in Economics from the European University Institute. She has published policy papers in the field of competition policy and energy.

Francesca speaks English, Italian, and Spanish.

Tel: +44 203 006 5614

Francesca's specialisms include:

Selected
professional experience

  • Led the economic team of the CMA on the assessment of the GBT/CWT merger (Phase 2)—analysis of bidding data and counterfactual (2024–25)

  • Led the economic team of the CMA on the assessment of the Adobe/Figma merger (Phase 2)—innovation concerns (2023)

  • Led the economic team of the CMA on the assessment of the Broadcom/VMware merger (Phase 2)—foreclosure concerns (2023)

  • Led the economic team of the CMA on the assessment of the Booking/eTraveli merger (Phase 1)—‘ecosystem’ concerns (2022)

  • Led the economic team of the CMA on the assessment of the Meta/GIPHY merger (Phase 2, litigation and Remittal)—innovation and vertical foreclosure concerns (2021–22)

  • Led the economic team of the CMA on the investigation of Meta’s use of ad data (Meta Marketplace) (2021–24)

Selected
publications

  • Sala, F., Boffa, F. and Pingali, V. (2015), ‘Strategic investment in merchant transmission: The impact of capacity utilization rules’, Journal of Energy Policy, 85, pp. 455–63.

  • Sala, F., Bon, J. and Crocioni, P. (2013), ‘There is always a first time: Coordinated effects via vertical structural changes in Anglo/Lafarge’, CPI Journal (autumn issue).

  • Sala, F., Cervigni, G., Fumagalli, C. and Piazza, M. (2012), ‘The liberalisation of energy markets in Italy’, in G. Arachi, A. Casarico, L. Ceriani, C. Devillanova, C. Fumagalli, P. Profeta and A. Zanardi  (eds), Economia pubblica e istituzioni, Il Mulino, pp. 73–102.

  • Sala, F. (2005), ‘Hungary’, in L. Bernardi, M. Chandler and L. Gandullia (eds), Tax Systems and Tax Reforms in New EU Member States, Routledge.

  • Sala, F. and Checchi, C. (2002), ‘Towards a revision of the role of the Energy Regulator: what are the challenges?’, Economia e Politica Industriale, 114.

Qualifications

  • PhD Public Economics, University of Pavia, Italy

  • MA Economics, European University Institute, Italy

  • BSc Economic and Social Sciences, Bocconi University, Italy

Latest Insights:  Francesca Sala

Events

Exploring the role of economics in competition and policymaking

Oxera’s team in Spain are hosting an engaging evening of discussion on the role of economics in competition and policymaking, featuring insights from leading voices in academia and industry. The roundtable will cover critical perspectives from competition, energy, industry, and finance. 19.00: Opening remarksCarlos Pascual (Oxera) 19.05–19.20: Keynote speechCani Fernández. Read More

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