In some respects, then, it might seem that not much has changed. In fact a number of important developments have occurred during that period, some as anticipated and some not. Overall, the fact that not much has changed is disappointing: the economy has not picked up speed as we had hoped.
The firms that will emerge strongest from the current highly competitive environment will be those that are capable of providing the best customer experience in all its dimensions. My second issue concerns the need for economies of scale in the industry.