  We study some structural aspects of the evolution equations with Pomeron
loops recently derived in QCD at high energy and for a large number of colors,
with the purpose of clarifying their probabilistic interpretation. We show
that, in spite of their appealing dipolar structure and of the self-duality of
the underlying Hamiltonian, these equations cannot be given a meaningful
interpretation in terms of a system of dipoles which evolves through
dissociation (one dipole splitting into two) and recombination (two dipoles
merging into one). The problem comes from the saturation effects, which cannot
be described as dipole recombination, not even effectively. We establish this
by showing that a (probabilistically meaningful) dipolar evolution in either
the target or the projectile wavefunction cannot reproduce the actual evolution
equations in QCD.
