The European Short Haul airline model is moving well into the maturity stage. They will start to differentiate from each other, as evidenced by Easy Jet now offering bookable seats, Norwegian offering in-flight WiFi, and the Legacy carriers offering non-baggage fares. The differentiation will continue, and no doubt fares will increase, as revenues must increase to pay for end-loaded aircraft leasing costs. The major low cost airlines are forecast to grow by at least another 50%, which will tip the growth cycle into a decline due to market over-supply. Eventually, probably during the next recession, due at the end of this decade, there will be a serious casualty. In all industries, what goes around comes around, and I would also expect the current fashion for big airline groups will also go out of the window.