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Global Leader

Competition - Economists 2019

Professional Biography

WWL Ranking: Recommended

WWL says

Carlos Pascual is held in high esteem by market sources who consider him a go-to name for cartel investigations and damages cases.


Carlos Pascual joined KPMG with more than 17 years of experience in the public sector. Since 2014, he has led the KPMG economics team in Madrid. With teams of competition economists in the UK, France, Spain and Belgium, KPMG Economics is one of Europe's leading economics consulting firms.

Carlos’s team in Madrid advises a large number of clients on all aspects of competition issues, whether under an auto-evaluation perspective or within all types of proceedings before the regulators and the courts.

They have worked in many of the latest cartel and anticompetitive investigations carried out by the Spanish Competition Authority (CNMC): swap derivatives, power cables, IT consultancy, express mail, AIO products, rail infrastructures, tobacco products, private security services, modular constructions, waste management, building construction, media agencies and school catering or fuel distribution.

The team is also working in leading damages cases currently ongoing in the courts, acting as expert economists in Spain for two defendants in the trucks EU follow-on actions and in some other national follow-on and stand-alone proceedings. They have also worked in relevant merger proceedings, such the Bimbo-Panrico deal.

Their work comprises analysis of microeconomic and regulatory issues for companies and institutions, as well as combining the use of quantitative techniques and economic principles with their extensive regulatory experience. They were selected by the industry to draft a handbook to lead the economic interpretation of new regulation on intellectual property tariffs.

Carlos has also testified as an expert in commercial arbitration disputes, in cases where explaining the functioning of the markets was a key element under discussion.

Carlos joined KPMG from the CNMC, where he was deputy director for market studies and reports within the advocacy department. He led market reports into different industries, such as airports, gas stations and car inspection services. From 2006 until 2008, Carlos was director general for competition at the Spanish Competition Authority. He was largely responsible for the drafting, approval and implementation of the new Spanish Competition Law, whereby the old two-tier competition system was transformed into the present single authority system, vested with new enforcement tools, such as leniency.

Carlos joined the Spanish Competition Authority in 1997 as case handler, being involved in major investigations in telecommunications and energy. Later, he was head of the international unit, representing Spain in the competition policy modernisation discussions and reforms that took place at that time in the EU, such as the vertical and horizontal agreements regulations and Regulation 1/2003.

Carlos is a frequent speaker at competition conferences and events and teaches at different competition courses in Madrid. He holds a master’s degree on research in economics and since 1997 has belonged to the body of state economists.

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