Following the announcement Google and Yahoo made back in June that they signed a non-exclusive advertising agreement through which the latter was going to advertise using the former’s ad system, more than a few eyebrows have been raised.

Among them were those of U.S. and E.U. anti-trust regulators, who have started investigations. Google, however, is defending what some would consider an unholy alliance that would bring about the end of competitiveness in the field of online advertising. Google says it’s not quite so.

Following an anti-trust investigation started by the European Union this week, which was itself preceded by a U.S. Department of Justice investigation headed by renowned anti-trust litigator Sandy Litvack, Google is preparing its own response.

Google has made two posts on Thursday and Friday respectively on its policy blog, according to which the Google-Yahoo ad deal is neither bad for competition, nor is it going to raise ad prices in the industry.

The blog posts were not the only move they made however, as Google Chief Executive Erick Schmidt declared during a press conference on Wednesday that unless challenged by regulators, they will proceed with the deal as soon as possible (reportedly in mid-October), as "Time is money in our business," said Schmidt.

It is unknown what the companies’ stand will be if regulators do decide to prosecute or file an injunction against the deal.

According to a statement by Google, "When we announced our deal with Yahoo we agreed to give the Department of Justice several months to review the deal before we began implementing it, and we continue to cooperate with regulators as that process continues. Ultimately we have confidence that they'll be able to conduct their review within that time period and allow us to move forward."