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The article analyses the link between competition policy and credit crunch. In particular, the public confidence in the ability of competitive markets to deliver positive outcomes is scrutinised by underlining the risks that the financial crisis and the economic downturn can facilitate. In this respect, it is also discussed the role of competition agencies, which need to be able to respond quickly to changing priorities, display a degree of pragmatism in recognising times when other policy interests may over-ride competition policy and support governments in tackling powerful private vested interests.