In a bold move aimed at reshaping Europe's technological landscape, the GSMA has issued a compelling manifesto advocating for sweeping reforms in European laws. The advancement of the digital economy has been impeded, according to the GSMA, by obstacles due to the expansion and competitiveness of the telecom industry in the European Union (EU).
This move is crucial as it aligns with the projected growth of the Digital Investment market in Europe, which is expected to reach a total transaction value of USD 388.30 billion by 2024 and experience a continuous annual growth rate of 4.44% (CAGR 2024-2027), reaching a projected total of USD 442.40 billion by 2027.
Addressing Systemic Challenges
It emphasized the need to address "systemic challenges" such as market fragmentation, regulation, and investment, and urged EU leaders to "embrace a new digital infrastructure framework" that encourages financial input and market harmony.
The industry association's head of Europe and CIS, Laszlo Toth, stated that “urgent action to secure the continent’s digital future has never been more imperative,” as the region faces “significant geopolitical, economic and societal shifts.”
“This manifesto represents a commitment to partnership and progress, laying the groundwork for Europe to reclaim its position as a global leader in digital technology and innovation," continued Toth.
The GSMA argued that an overhaul is required to achieve universal 5G coverage in Europe by 2030, citing the successes of mobile sector initiatives covering factories, farming, and city management in terms of promoting "economic growth" and sustainability.
Modernizing Regulatory Frameworks
The recommendation suggests that European Union (EU) politicians should proactively engage in addressing the challenges pertaining to spectrum costs and availability. This involves ensuring that the allocation of spectrum is both economically feasible and accessible to promote innovation and competition in the telecommunications sector.
Additionally, it emphasizes the importance of creating a regulatory environment that fosters fair competition. This entails leveling the playing field by implementing regulations that prevent monopolistic practices and promote equal opportunities for all players in the market. By doing so, it encourages a healthy and vibrant telecommunications ecosystem that benefits consumers and businesses alike.
Furthermore, the recommendation underscores the necessity of updating regulatory frameworks to adapt to the evolving landscape of the telecommunications industry. This includes revising historically based rules to align with current technological advancements and market realities. By modernizing regulatory frameworks, policymakers can ensure that regulations remain relevant and effective in addressing contemporary challenges and opportunities in the telecommunications sector.
