'Regulate the Internet' vagueness from PCC

[Keyword: online journalism]. In one of the vaguest quotes I've seen in a long while, Press Complaints Commission chairman Sir Christopher Meyer is quoted as saying: "My personal view is that this new and exciting area [the internet?] cannot be left in a regulatory vacuum. To the contrary, it cries out for the sound principles of self-regulation. I am pleased to report that there has been constructive dialogue between the industry and the PCC about this, the results of which will become clear before too long. I am optimistic about the PCC’s ability to rise to this challenge."

So how is he going to regulate the internet? Or is he talking about online newspapers only, in which case they already answer to the PCC. And does he realise that this "new and exciting area" of online newspapers has been in existence for over a decade?