While the United States continues to resolve the ambiguities in the Telecommunications Act of 1996, the European Union has embraced a new regulatory framework for telecommunications that relies to a greater extent on antitrust principles. Participants at this conference will analyze the growing use, in both the United States and Europe, of antitrust law in network industries traditionally subject to sector-specific regulation, such as telecommunications. They will discuss how the institutional design of regulation in such industries can increase or decrease consumer welfare.