Two years ago Anne MacGregor gave a comprehensive overview of the failing firm defense in Europe . In the meantime, however, competition law agencies further navigated through the aftermath of the financial crisis  in which companies have invoked the failing firm defense quite frequently. The purpose of this Special Issue is to provide an updated analysis of the failing firm defense contrasting EU case law with major cases in the member states. A. Recent developments at the European level: a new approach to strict and well-established rules? At the European level the most recent and one of the most prominent cases in which the failing firm defense has been involved is Aegean/Olympic II. Some might argue that the case shows how persistent argumentation along the lines of the
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