The opinions expressed in this editorial are those of the author and do not necessarily reflect those of Decima Reports.It appears that after 120 years, the lion is finally awakening. And that's making a lot of business leaders and senior government officials more than a little anxious.Since Network Letter last published (Dec. 20/99), Bell Canada has finalized its majority purchase of Aliant Inc (Jan. 24/00), announced its plan to divest of Nortel Networks (Jan 26/00), unveiled its $37 million investment to create a new Internet company called Sympatico-Lycos (Feb. 2/00), announced its acquisition of Teleglobe for $9.65 billion (Feb. 15/00) and made an unsolicited $2.3 billion bid to buy CTV (Feb. 25/00). And while CTV may be the main pin to drop, don't expect it to be the last. For the first time in its history, Bell Canada Enterprises is beginning to think and act like a non-regulated company. The removal of several regulatory and legislative impediments over the past two years now make it possible for Bell to move quickly to solidify its core markets, and aggressively expand into new ones. Goliath also realizes that there's little the CRTC, the Competition Bureau or even the federal cabinet is able or willing to do to rein it in - and that has its competitors worrying about the fate of their own survival. Bell recently filed an application with the Federal Communications Commission in Washington claiming it is a non-dominant carrier in Canada. To Bell's long distance competitors, the claim seems incredible. Bell's market power - from its control of the networks, customer information and the "Bell" brand name - should not be underestimated. Neither should its vertical swing into broadcasting. At a recent telecom policy conference in Toronto, McGill University professor Richard Schultz suggested somewhat in jest that BCE should be divested, as Washington did with AT&T 16 years ago. While conceding that divestiture is an unlikely option in today's global marketplace, Schultz did warn that Canadians should brace for the emergence of a new telecom monopoly, one that looks remarkably similar to the old monopoly. The Canadian government has an opportunity to learn from its mistakes in the airline industry. Put in place policies and effective monitoring agencies that promote competition and discourage the return of dominant players and defacto monopolies.