The structure of the industry
has transformed over the last couple of years, and we have restructured the awards categories to reflect this.
Mr King stressed the Bank's "three-legged stool" of reforms involving tougher capital requirements, arrangements which allow banks to fail safely and changing the structure of the industry
- as well as tools "which allow grumpy old men in central banks to take the punchbowl away".
Specifically, topics include security, financial instability (in particular, the cyclical downturn in economic activity that has led some airlines to the verge of bankruptcy), the need to attain global reach (with a focus on trans-border mergers, open skies agreements, and the transatlantic Common Aviation area), the impact of low-cost carriers and e-commerce on the structure of the industry
, and issues relating to airport capacity issues and the associated environmental implications of dealing with them.
The Commission examined the overlaps in the businesses but concluded that the structure of the industry
would not be altered and that there would continue to be significant competition in all the product markets.
AM: How do you see the structure of the industry
evolving during the next 10 years?
We understand the inquiry is looking at the whole structure of the industry