The independent Performance Review Commission (PRC) has published its 22nd ATM Cost-Effectiveness (ACE) Benchmarking Report. It provides a review and comparison of ATM cost-effectiveness for 38 Air Navigation Service Providers (ANSPs) in Europe, based on their latest economic data submissions (covering the year 2022). This report analyses ANSPs’ performance in a context marked by the traffic recovery following the shock caused by the COVID-19 pandemic. It also presents a new analysis describing the regulatory, institutional, and corporate governance setups in which ANSPs operate. (....)