On October 12, 2023, the French Competition Authority (the “FCA”) published its Opinion on meal vouchers in response to the Government’s referral under Article L. 462-1 of the French Commercial Code.[1]  The FCA considered that the pricing cap envisaged by the government does not constitute the most appropriate response to market failures, i.e., the existence of entry barriers for potential new market entrants and the monopoly held by the four incumbent issuers. Therefore, the FCA issued five recommendations to address such failures.