Top of the Agenda

Episode 26: How will Europe be affected by the global oil and gas supply crisis?

The conflict between the US, Israel, and Iran, which has disrupted traffic in the Strait of Hormuz, has caused major disruption in global oil and gas supplies, triggering complex economic consequences across industries and markets far beyond the energy sector.

 

In this episode of Top of the Agenda, Helen Jenkins is joined by Bill Farren-Price, Senior Research Fellow and Head of Gas Research at the Oxford Institute for Energy Studies, and Jostein Kristensen, Senior Advisor in Oxera’s Energy Practice. Together they discuss the impact of the global energy supply crisis on Europe and explore what we can expect in the short and long term.

Episode 25: Draft merger guidelines: can we ensure dynamic and innovative markets flourish in Europe?

The European Commission's draft merger guidelines are one of the most important ongoing debates in European policy. Nearly two decades have passed since the guidelines were last reviewed, and the new draft draws upon years of practice and precedent, reassessing core concerns around market power and consumer harm in today's digitalised, networked economy, where innovation is central to sustainable growth.

In this episode of Top of the Agenda, Helen Jenkins is joined by Guillaume Loriot, Deputy Director-General for Mergers at the European Commission's Directorate-General for Competition, and Massimo Motta, Research Professor of Economics at ICREA, Universitat Pompeu Fabra (UPF), and the Barcelona School of Economics. Together they discuss the draft guidelines and how greater emphasis might be placed on innovation, resilience, investment incentives, industrial scale, and Europe's global competitiveness, all alongside the core aim of merger control: protecting the long-term interests of consumers.

Special edition: PR24 redetermination: what the CMA's decision means for UK households and water regulation

In this special edition of Top of the Agenda, we’re diving into the UK water sector to explore the Competition and Markets Authority's (CMA) final determinations: the PR 24 Redetermination process.

 

In England and Wales, the amount consumers pay for their water is regulated by the Office of Water Regulation (Ofwat). Five water companies: Anglian, Northumbrian, South East, Southern and Wessex disputed the price control decisions made by Ofwat in December 2024 and exercised their statutory right to ask the CMA to reconsider. The CMA has now delivered its verdict.

 

Helen Jenkins is joined by four members of Oxera's water team—Partner Christopher Davis and Managing Consultants Charles Blake, Daniel Brown, and Joseph Duffy—to unpack what the CMA decided, why it matters to UK households, and what it signals for the future of water regulation.

Episode 24: Behavioural economics: how does decision-making impact business and policy?

Behavioural economics is all around us — from competition rulings, like the Google Search ruling in the US, to EU regulations targeting online dark patterns. It affects how we combat consumer manipulation, design policy, and even understand the behaviour of music fans.

In this latest episode, Helen Jenkins is joined by Hélène Bourguignon, Oxera Partner, to share the highlights of a recent event hosted by Oxera in Paris on behavioural economics and its implications for competition and regulation. The internationally renowned speakers explored how people make decisions — and what this means for business and policy.

Episode 23: Sports markets: are the rules right?

Sport is big business. Around a quarter of global spending on TV content is focused on sports rights acquisitions, rising from 38 billion USD in 2018 to 64 billion USD in 2025. Also on the rise are questions as to whether the right rules are in place to ensure that the competitions fans follow are fairly constituted.

In the latest episode of Top of the Agenda, Helen Jenkins is joined by Timo Klein, Managing Consultant at Oxera and Assistant Professor in Competition Economics at Utrecht University, and Christopher Davis, Partner at Oxera. Together, they explore how market rules, competition law, dispute resolution, and sports regulations shape the business of sport. They also discuss how economic principles designed to ensure fair markets translate into fair play, and where the biggest challenges lie today.

Episode 22: What is venture capital, how does it work, and what are the risks?

In the third and final episode demystifying private equity, we explore the world of venture capital. While venture capital has delivered exceptional returns for some investors and founders, it’s also very high risk. So, is vibrant venture capital essential for economies seeking to boost innovation and drive productive growth?

In this episode of Top of the Agenda, Dr Helen Jenkins is joined by Tim Jenkinson, Oxera Partner and Professor of Finance at the University of Oxford’s Said Business School, and Francis Woolley, Senior Consultant at Oxera. Together, they unpack what venture capital is, how it works, and the life cycle of venture capital investments.

Episode 21: What’s holding back European defence and how can governments respond?

Since the end of the Cold War, Europe has enjoyed a ‘peace dividend’ driven by a reduced perception of military threat. Recent developments — including Russia’s invasion of Ukraine — have fundamentally altered this landscape. Europe now faces a hostile military power on its eastern border, while questions remain over the long-term durability of US security guarantees.

In response, defence spending has risen sharply across the continent. Frontline states in Eastern Europe have seen the largest increases, but nearly all European countries are boosting their defence budgets. As a result, defence has returned to the centre of economic and political decision-making across Europe.

In this episode of Top of the Agenda, Dr Helen Jenkins speaks with Aimie Stone, Chief Economist at ADS Group — the trade association representing the UK’s aerospace, defence, security and space industries — and Enrico Russo, Managing Consultant at Oxera. Together, they explore the challenges facing the European defence sector and consider how governments can best mobilise resources to strengthen the region’s security.

Episode 20: The changing role of European competition policy: past, present and future

Over the past decade, the scope of European competition policy has expanded significantly beyond its traditional focus on cartels, mergers, abuses of dominance and state aid controls. Today, it is increasingly expected to contribute to broader policy objectives, including ensuring fair digital markets, supporting sustainability, resilience and strategic sovereignty, and safeguarding Europe’s competitiveness on the global stage.

In this episode of Top of the Agenda, Dr Helen Jenkins speaks with Olivier Guersent, who, following a long career that began at the French Ministry of Economic and Finance and continued at the European Commission from the early 1990s, most recently served as Director General for Competition at the European Commission. Together, they reflect on the major transformations in European competition policy over recent decades and explore the challenges and developments shaping its present and future.

Episode 19: What can the private sector do to promote and scale up climate adaptation?

Climate change is no longer a future threat, it’s a present-day reality that is reshaping economies, ecosystems, and societies around the world. As mitigation is no longer enough; adaptation is essential. Yet, despite increasing recognition of the need to invest in adaptation, global efforts remain fragmented and underfunded.

In our latest episode of Top of the Agenda, guest host Tim Jenkinson is joined by Sophie Talarico, Climate Policy Manager, and Sandra Hanni, Head of Climate Policy, both from the International Chamber of Commerce (ICC), alongside Georgia Davies, Senior Consultant at Oxera. Together, they explore how the private sector can play a pivotal role in advancing and scaling up climate adaptation solutions.

Episode 18: Should pensions be a source of funding for a country’s investment needs?

The UK government aims to stimulate economic growth by encouraging more investment in British businesses. One potential source of that investment is pension funds, but would such policies truly serve the long-term interests of savers and/or the short-term needs of the economy?

In this episode of Top of the Agenda, Dr Helen Jenkins speaks with Julian Franks, Professor of Finance at London Business School, and Sean Thomas, Principal at Oxera. Together, they explore the challenges governments face in designing policies that boost productivity and drive sustainable growth.