The European Regulators Group (ERG), a group of regulators set up by the European Commission, held a public consultation in 2008 to invite views on the symmetry of fixed termination rates (FTRs) and of mobile termination rates (MTRs). The views expressed by the respondents and summarised by the ERG in its final consultation report showed that, ten years after MTRs were first regulated in Europe , there is little consensus within the mobile industry on the issue. This paper reviews some of the opposing views on MTR regulation in the EU Member States and explores the argument, put forward by some respondents to the ERG 2008 consultation, that a transition to a bill and keep (BAK) regime for mobile call termination would stop market distortion and eventually benefit both the mobile industry and European consumers.