Thank you for your question.
I want to make a distinction between the retail market and the wholesale market. I think it would be fine to leave retail markets to the operation of market forces to the maximum extent possible, as long as we have a robust wholesale regime. That used to be the philosophy of the commission a long, long time ago, but we've deregulated retail telecommunication markets almost wholly and the stopgap, the backstop, has been removed.
I think that's the problem. If you're not going to provide a robust wholesale regime that allows competitors to enter into the market, then your only options are to consider more obstructive measures, such as retail re-regulation or structural separation, which others have suggested, and certainly there are governments across the world that are considering that for telecommunications because it's an industry that has huge sunk costs. There's a balance to be struck there, and I think we've lost that balance.