A new report undertakes a statistical analysis of cartel fines imposed in prosecutions initiated by the European Commission from late June 2006 to 2010. European Cartel Fines under the 2006 Penalty Guidelines – A statistical analysis reviews the outcome of 21 cartel decisions imposing fines on 22 cartels and 168 firms. It looks closely at how the Commission built-up its fines based on the 2006 Penalty Guidelines. Among the main findings are – that fines are considerably less than provided for under the guidelines, that the average fine per firm has declined significantly since 2007, that repeat offenders are let off lightly, and that the Commission’s published decisions redacted key information on the fining procedure. This report is a companion piece to our updated analysis of fines imposed by the Commission between 1998 to 2006 under the earlier 1998 Penalty Guidelines.