Telco business models are very interesting: their business models are broken, clouded by the confused product offerings and supporting organisations. The big question is who will make the investment in the infrastructure and licences. In the mobile space the Virgin outsourced service based model was very lean and profitable. Many of these providers are tied up with hardware too, when these are rapidly becoming a commodity.
The unmentioned elephant in the room is China: what will happen when they start exporting their handsets and services in anger. They have strategically decided to hold fire for the moment in their strategic plan. These have a completely different protocol which might make the EU infrastructure investment / licences obsolete over night.
My bet would be I expect China to wait and choose their timing with devastating consequences, as well as usurping the likes of BT/ Voda and hardware suppliers such as Nokia.
As the Chinese would say “interesting times”, my fear is that the EU are not organised enough, nor have the funding to call the shots