Trojan Economics is pleased to announce that Stavros Efthymiou has successfully completed a three-month internship with the company.
Stavros is currently pursuing Master 1 Economics at the Toulouse School of Economics (TSE), where he has been studying since 2025. His internship took place from 4 May to 31 July 2026, as part of the requirements of his studies during the 2025/2026 academic year.
The placement was undertaken under a formal internship agreement between the Toulouse School of Economics and Trojan Economics.
Practical Experience in Competition Economics
The internship focused on economic consulting and competition economics, providing Stavros with the opportunity to complement his academic studies with practical experience in a professional economic-consulting environment.
During the internship, Stavros contributed, under supervision, to research and analytical work concerning competition economics, market regulation, and broader economic-policy issues.
His activities included:
- applying microeconomic theory and industrial-organisation principles to practical competition issues;
- conducting research on competition economics and policy;
- supporting analyses relating to market definition and competitive effects;
- examining economic evidence in legal and regulatory contexts;
- undertaking literature reviews and policy analysis;
- contributing to research notes, articles and policy papers; and
- supporting selected activities of the Cyprus Forum on Competition Policy.
The internship also provided Stavros with practical exposure to the professional standards, confidentiality requirements and collaborative working methods involved in economic consulting.
Research and Publications
A central part of Stavros’s internship involved contributing to research and co-authoring three publications with Dr. Panayiotis Agisilaou, Founder and Director of Trojan Economics.
Beyond GDP: The Difference Between Economic Growth and Economic Development
Published by StockWatch on 30 May 2026
The article examines the important distinction between economic growth and economic development.
While economic growth generally refers to the quantitative expansion of economic activity, usually measured through changes in real gross domestic product, economic development is a broader concept. It also considers institutional quality, income distribution, access to education and healthcare, social cohesion, equal opportunities and improvements in citizens’ quality of life.
The article explains why GDP growth alone does not provide a complete picture of economic and social progress and why policymakers should consider a broader range of indicators when assessing economic performance.
Food Prices: What the Data Tell Us About Prices and Household Purchasing Power
Published by IN Business on 30 June 2026
The second publication examines developments in food prices and their effects on household purchasing power.
The analysis highlights that food prices may increase at a different rate from the general level of inflation and that such increases can have a disproportionately significant effect on lower-income households, which allocate a larger share of their budgets to essential goods.
The article also considers the factors that may influence food prices, including production costs, energy and transport expenses, supply-chain disruptions, international agricultural prices and the competitive conditions prevailing within individual markets.
Merger Control: Fewer Notifications, More Substantive Review
Published by StockWatch on 8 July 2026
The third publication considers whether the Cypriot merger-control framework directs sufficient attention and resources towards transactions that raise genuine competition concerns.
The article explains that mergers and acquisitions are a normal and often beneficial part of a dynamic economy. However, transactions capable of materially reducing competition must be identified and examined before structural changes to the market become difficult to reverse.
It argues that an effective merger-control system should not be assessed solely by the number of transactions notified. Instead, it should distinguish low-risk transactions from those capable of materially changing market structure, thereby reducing unnecessary administrative burdens and allowing competition authorities to devote greater resources to substantively important cases.
Through these publications, Stavros demonstrated his ability to connect economic theory with contemporary policy questions and to communicate economic analysis clearly and accessibly to a wider audience.
Supporting the Next Generation of Economists
Throughout the internship, Stavros demonstrated intellectual curiosity, professionalism, analytical ability and a strong willingness to engage with complex issues at the intersection of economics, competition law and public policy.
His academic background in microeconomics, econometrics and quantitative analysis provided a strong foundation for his work. During the three-month placement, he further developed his research, analytical and written-communication skills while gaining practical insight into the application of economics in professional, legal and regulatory contexts.
Trojan Economics warmly congratulates Stavros Efthymiou on the successful completion of his internship and thanks him for his valuable contribution to the company’s research and publications.
Dr. Panayiotis Agisilaou, Founder and Director of Trojan Economics and Founder of the Cyprus Forum on Competition Policy, stated:
Stavros joined us with a clear interest in competition policy and in the interaction between economic analysis and legal frameworks. Throughout his internship, he approached his work with seriousness, intellectual curiosity and professionalism.
He contributed meaningfully to research and publications addressing important and timely economic and competition-policy issues, while further developing his ability to apply economic concepts to real-world questions.
We warmly congratulate Stavros on successfully completing his internship and wish him every success in the continuation of his studies and his future professional career.
Through its internship programme and cooperation with leading academic institutions such as the Toulouse School of Economics, Trojan Economics remains committed to supporting students and young economists by providing meaningful practical experience in competition economics, economic consulting, research and public-policy analysis.
