The airline industry usually calls for further liberalisation of traffic rights, operational rights and airline ownership and control. This paper concentrates on the 7th and 9th freedoms of the air. Due to the lack of legal safeguards, liberalisation in this respect may lead to ‘offshore’ operations without appropriate regulatory oversight, and thus compromise aviation safety. In the long run, it may also hamper liberalisation awaited in other fields of air law. As an alternative, a more balanced solution for liberalisation is proposed. It is argued that a proper reform of airline ownership and control restrictions may successfully substitute for the economic benefits of the 7th to the 9th freedoms of the air, although at a lower price for the industry’s safety.