My fi rst CRRI (Centre for Research in Regulated Industries) conference was the one held in Stockholm in 1994. Much has changed since then, but there are also a few constants. This conference certainly underlines both the changes we have seen as well as some persistent themes. In my remarks, I would like to touch on both. After a few words about the French regulator ARCEP and its main postal tasks, I would like to share with you two issues. The fi rst one is a practitioner's issue: what are the consequences of information asymmetry on the behavior of operators and regulators and their strategies? As it compares the present to the past, the second issue is not especially one that a woman usually likes to address. .. but I shall endeavor to do so; for the past 15 yearsand I hate to confess I have been there since those early times-why have so many questions remained the same? Why do so many topics still seem to be unsolved? Let us start with the French Telecommunications and Posts Regulatory Authority, ARCEP (Autorité de Régulation des Communications Électroniques et des Postes). In 2005, the law gave the former Telecommunications Regulatory Authority (ART) the additional responsibility of the postal sector. Seven commissioners-I am one of them-are appointed for six years and their terms are not renewable. The President of the Republic appoints three of them, including the chairman. The President of the National Assembly appoints two other members as also does the President of the Senate. The seven commissioners together are in charge of Telecommunications and Posts. There is no specialization. A total of 160 people work in ARCEP, 11 on postal issues and 80 on telecommunications issues, with the rest of the staff supporting the Economic, Legal, International, Communication and General Administration Departments and working for both sectors. Like other postal regulatory authorities and like almost all of us at this conference, ARCEP is mainly focused on its Universal Service Obligation (USO) and market organization. We monitor the USO, ensuring its funding while protecting consumers. This implies studying prices and setting price caps, cost accounting, monitoring quality of service, and assessing the cost of the USO. The role of ARCEP is to check that La Poste carries out its universal service missions properly, especially in terms of quality of service, and to supervise the funding of these missions. In this capacity, we regulate La Poste's universal service tariff s, especially through designing the incumbent operator's price cap. 1 In addition, ARCEP sets the accounting rules and establishes accounting system specifi cations, that is, the reporting format for regulated accounts. Last but not least, we are in charge of monitoring the conditions under which universal service is fi nanced. In