This paper provides a brief overview of the pro- and anti-competitive effects of vertical restraints as identified in the literature and case practice and discusses how pro-competitive effects or efficiencies are analysed and assessed within different legal and economic assessment frameworks. Furthermore, it utilises a selection of cases to demonstrate the relevance of different efficiency arguments in enforcement practice. This was prepared as background material for the session "Efficiency Analysis in Vertical Restraints" held at the 2021 virtual Latin American and Caribbean Competition Forum on 20-22 September 2021.