The new policy under EU leadership might create industrial champs

new policy stable regulatory environment

The European Union’s new leadership is all set to take office this week with ambitions to make Europe great again. Responsibilities in regards to the telecom sector also fell into the Commission’s plan, and they want to create industrial champs. CEOs of Europe’s largest telecom companies signed a letter to show their support to the move to create an industrial policy for digital leadership. This newfound support will provide the necessary boost for the sector to fight its battle against the US tech companies. The letter will be published amidst the meeting of EU’s antitrust chief Margrethe Vestager and other telecom figures like the head of Orange, Stéphane Richard, and chief executive of Deutsche Telekom, Tim Höttges because Vestager overlooks EU’s digital policy.

The consolidation of the European market was slowed after Ms. Vestager proved to be a divisive figure for the telecom sector following the blocked merger between the UK and Denmark. There is a hope to find a new approach after the review of competition policy. To make their ambition into reality, the heads of the telecom sector wants to work closely with the Commission. A sustainable and stable regulatory environment is required to fairly balance the rules for competing with the global players in this sector. The Commission wants to encourage the fragmented telecom market to build more cross-border and national scale infrastructures.