We present for the first time a model-independent anatomy of the ratio
ε′/ε in the context of the ΔS=1 effective
theory with operators invariant under QCD and QED and in the context of the
Standard Model Effective Field Theory (SMEFT) with the operators invariant
under the full SM gauge group. Our goal is to identify the new physics
scenarios that are probed by this ratio and which could help to explain a
possible deviation from the SM that is hinted by the data. To this end we
derive a master formula for ε′/ε, which can be applied to
any theory beyond the Standard Model (BSM) in which the Wilson coefficients of
all contributing operators have been calculated at the electroweak scale. The
relevant hadronic matrix elements of BSM operators are from the Dual QCD
approach and the SM ones from lattice QCD. Within SMEFT, the constraints from
K0 and D0 mixing as well as electric dipole moments limit significantly
potential new physics contributions to ε′/ε. Correlations
of ε′/ε with K→πννˉ decays are briefly
discussed. Building on our EFT analysis and the model-independent constraints,
we discuss implications of a possible deviation from the SM in
ε′/ε for model building, highlighting the role of the new
scalar and tensor matrix elements in models with scalar mediators.Comment: 47 pages, 4 figures. v3: signs in tables 6-10 corrected, numerical
results and conclusions unchange