The battle with Jet2 will be key for Monarchs future. They are trying to put themselves into the 'between Ryanair and BA' market, but this is a hugely congested area. Fuel prices have put an end to the days of true low-cost flying (even Ryanair don't really offer £1 flights etc now and once other fees are added in fares below £50 are rare). Easyjet have successfully operated 'one level up' from Ryanair and Jet2 have seen good growth with a combination of charter and low (ish) cost flying. Their superior route networks surely give them an advantage over Monarch. Monarch do have a strong brand, but you wonder whether 3+ airlines can realistically compete for the same customers.