In recent years, the European Commission has opted for a 'more economic approach' in the field of competition law. Several formalistic legal rules have been replaced by new rules focussing on the economic effects of cartel agreements and mergers. However, there is not yet a complete harmony between current rules of European competition law and insights from economic theory. There are several areas of competition law where the relevant economic insights are not integrated. Moreover, the Commission may be criticised for not paying sufficient attention to dynamic approaches and insights from the economic analysis of law enforcement. The lecture will give an overview of the changes that occurred in recent years and address the major criticisms of the policy changes.