The objective of the article is first to show there are worrying signs that the consensus about independent regulation is cracking in several countries that matter. We then go on to demonstrate that there are blind spots in the European framework of public service regulation. Regulation in the EU focuses too much on competition and not enough on other objectives. Finally we attempt to rethink the regulatory framework of public services in Europe in a way that would take all the competing interests of society into account. Although the main focus of the article falls on French and European experiences, it also adopts a broader view.

regulation, public services, competition law, monetary policy, cost-benefit analysis, indirect administration, accountability