I thought what was most interesting about the conversation this morning
was how the views of the different countries were relatively similar.
We all agree that regulation of disruptive new models are very important.
But we have to regulate wisely. We have to regulate smartly.
What we want to aim for is a regulatory framework that is going to allow the new technologies,
the new business models to flourish and to develop to their full potential,
while not eroding appropriate consumer protections. The nature of competition, I do not really
think it is changing so much as it goes through ebbs and flows and we are
at the time where we are having drastic changes. So when Joseph Schumpeter talked about creative
destruction I think we are at that period where the changes
are fast. They are not incremental changes but they
are fast changes. But this has happened in history.
If you think about the supermarket revolution in the 1920s and 1930s where you had
the supermarkets replaced mom and pops so I think there is a flow to it
and we are at the flow where we have a lot of innovation right now. Massive innovation.