In connection with ERFA celebrating its 20th anniversary, ERFA tasked ECM Ventures to conclude a study on the current status of liberalization, its effects on the rail freight market and remaining hurdles which have to be overcome in order for rail freight to be able to play its necessary role as the most sustainable means of freight transportation. The findings of this study, along with keynote speeches and a panel discussion, were presented to policy makers and business representatives during ERFAs annual event on 24 March 2022.