We therefore need a simpler and more flexible system. It will be essential for the regulator to have delegated powers to act independently in response to fast-changing circumstances. The system should also recognise that content and networks, in economic terms, are becoming more and more intertwined. Networks are often worthless without content, but, in the early stages of network development, a company can't sell content unless it can build out its own network or get access to someone else's. The consumer is interested in what these markets offer - choice, accessible quality TV, cheap phone calls, free Internet access and plenty of bandwidth.
Regulation exists to serve and protect the consumer interest.
In the current and future markets, we judge that this can be done only by a regulator with powers in all the relevant markets, working to a single set of objectives, rather than the separate markets defined ten or more years ago.