 Daj sem izprončila na plove Etno. Zdaj sem štinko, da je Etno vzgleda, vzgleda v zelo Evropiji vs. Telekom operators. Kaj je razložila, da balim vič vzgleda pod bojo organizacije. Etno, vzgleda vzgleda vzgleda vzgleda Telekom operators in ICT z neskodnimi zelovanje. S našem vzgledom vzgleda je,Please Twitter stalls to foster the interest of the Telecom sector in the Brussels political arena. We work to inform the public debate and help policy makers develop legislation and regulation conductive to more road and investment in innovative structure and services. I will talk about the regulatory development that took place at the U level and how they may affect our sector and the EU digital economy as a whole. I will firstly give an overview of the state of the European Telecom sector, showing that the current regulatory framework is negatively impacting on revenues and cash flows, without incentivizing investments in new and improved network infrastructures. Then I will briefly sum up how the EU institutions are addressing this situation by modifying the rules governing the sector. I will focus in particular on the connected continent package, which was adopted by the Commission in September. Finally, I will offer you the perspective of ethanol, both on what is being done by the EU and on what should be done. I will be more than happy to further discuss these ideas with you during the question and answer session. Let me then start by giving you a picture of the state of our industry. Between 2007 and 2011, I have to use these figures because they are the official ones and published also by the European institutions, aggregated revenue of European network operators have shrunk by 8%. As a consequence, Europe's shares of the global telecom market has reduced from 31% to 25%. This is at the end of 2011. This will be much worse if we consider at the end of 2013. In fact, figures for 2012 indicate a further revenue drop by 3%. This is not a matter of a bad conjuncture. This is a structure negative trend. In fact, Europe's telecom market is the only market in the world to register a revenue loss. Between 2006 and 2011, the turnover of Asian and North American telecom sector have been increasing respectively by 72% and 56%. The declining revenues impact negatively on investment level and on the competitiveness of the European electronic communication sector. Europe, once a leader in the technologies that comprise the backbone of the digital economy, is currently lagging behind many markets in Asia and North America. Those same markets in Asia and North America now enjoy fiber access penetration that is up to 20 times higher and penetration of LT that is as much as 35 times greater than Europe. As a result, European consumer and business experience slower connection leading to less value and slower economic growth. Up to 750 billion in GDP growth and as many 5.5 million jobs in the economy of the EU are at risk by 2020 because of the lack of next generation network investment. These are the findings of a recently published study by the Boston Consulting Group which ethanol commissioned in order to contribute to a policy debate. It is grounded in extensive research and interviews with sea level representative from European companies. The same study affirms that the causes of this worrisome situation lie in the outdated EU regulatory framework which does not provide operators with the right incentive to invest and does not ensure the sustainability of the sector in the long term. By the way, at the end of this meeting I will forward to the organization a copy of my speech and I can provide electronically because there are lots of data and I would ask also if it's possible to send to everybody a copy of the study because it will be very interesting, I think, for all of you. The study estimates that without significant reform the revenue of the European telecommunications sector will continue to contract over the next decade by up 2% a year, further diminishing investment in next generation nettov. And the shortfall in investment needed to meet EU digital agenda target for broadband coverage and penetration will aggregate by 2020 between 110 billion euro and 170 billion, leading to an enormous missed opportunity for the broader EU economy. Now this is where regulation comes into place. The European institutions have recognized that this situation is not sustainable. And that is, it risks having lost lasting consequences on the competitiveness of the European economy as a whole. Over the past months, they have discussed and put in place regulatory measures to address this situation. The commission has started to work on two different levels. From one side, the focus has been on the implementation of the regulatory framework already in force. On the other side, a proposal for the completion of the telecom single market has been drafted. On September 11, the European Commission adopted a legislative package aimed at advancing the competition of the EU digital single market and fostering the European digital economy. The package, which goes under the name of connected continent, include, first, a draft regulation laying down measures concerning the European single market for electronic communication and to achieve a connected continent before becoming law, the regulation is to be amended and approved by the European Parliament and the Council. Second, the recommendation on consistent non-discrimination obligation and costing methodology to promote competition and enhance the broadband investment environment. Third, a communication on the telecoms regulation, explaining the rationale of the measures adopted and providing guidelines for future interventions on the EU telecoms regulatory framework. The main aims of the package are to improve the investment climate, boost development and uptake of broadband, foster regulatory consistency, promote consumer rights and harmonize rules and conditions within the EU market. The draft regulation is the most complex and important element of the package, and building on the current telecom regulatory framework is, it foresees, relevant changes of the rule governing the sector. In particular, it focuses on several key areas. First, it puts in place a single EU authorization regime for operators with activities in more than one member states. Second, it mandates operators to make available new kinds of access product for NGA network. Third, it seeks to harmonize spectrum assignment across Europe. Fourth, it enshrines net neutrality into law, allowing, on the other hand, telecom operators and content provider to conclude agreements in order to provide specialized services with an answered quality of service to the end users. Fifth, it seeks to harmonize rules on transparency and consumer protection. And finally, it intervenes on intra-EU roaming charges and proposes to regulate international retail fixed and mobile voice calls and SMS within the EU. As for the non-binding recommendation, it aims to encourage NGA investment across Europe by setting out conditions under which NRAs should refrain from imposing cost-oriented wholesale pricing obligation on incumbent operator's fiber-based NGA network, ensuring equivalent access to the NGA wholesale product for competitors and for the incumbents retailer business I like, and keeping the cost-oriented prices for copper, local loop and bundling at a stable level according to guide price bund of 8, 10 euro. Finally, there are accompanying communication on the telecommunication single market that identifies a number of key areas that will need to be addressed by legislator in the coming years, with a view to driving the growth of the EU digital economy. Now, the question is, will this package deliver on the promise of fostering growth and investment in the EU telecom sector? Let's look at each single item of the package separately. The recommendation represents a meaningful contribution to restore the investment climate in Europe, providing regulatory certainty and predictability. This assessment is shared with conviction by investors and we are very satisfied with that point. But for this it will be very important that the new rules be adequately implemented by NRAs, in fact, in adequate implementation at the member states level is seen as a major possible cause of concern by investors in one word. If this recommendation is not followed by the regulators, this recommendation will not have the consequence that we expect. And we are looking for the commission, look at this and check whether the regulators will really follow or not the recommendation. And so far we don't have very good signal from some regulator, which it seems that they don't want to follow this new recommendation. Equally, the ethanol appreciated the focus of the communication and hope it can provide the guideline for much needed further review of the EU telecom regulatory framework to be undertaken during the next commission mandate. So we said the recommendation, we said the communication link to the future, when it comes to the draft regulation, it becomes more complex to formulate a general assessment as negative provision coexist with positive one. The draft regulation, the cornerstone of the package, even if it foresees relevant changes of the rules governing the sector often provides new regulation layers of simplifying the rules and fails to provide the strong pro-investment measures that the industry badly needs. Furthermore, measures such as those on roaming and international calls further erode revenues and cash flow in the short term. Although they are not seen with great concern by investors, it can be safely assumed that they won't help operators in raising cash for more investment. Some other measures, however, are successfully in harmonizing and strengthening the EU telecom rules and this is good. However, it is crucial that harmonization on paper translates into harmonization into practice. In the coming months, the draft regulation will go through its legislative process in both the European Parliament and the Council, and we will try to get the best possible outcome from it in order to push as much as possible investor confidence. In addition to reflecting on what is already on the table, ethanol has also started a reflection on what should be done, possibly at the beginning of the next commission mandate in order to decisively pursue the goal of more growth and investment. We believe that an ambitious reform of the current regulatory framework is to be envizaged in line with the main proposal contained in the Bosvansac study I mentioned before. Such proposals are as follows. Firstly, we need to move away from sector-specific regulation enacted on member state level and aim for a fully harmonized and sustainably reduced pan-European regulatory approach relying mostly on established competition law. Secondly, we need to put consumer benefit into perspective. Industry moves such as mergers must be evaluated with an holistic longer-term view. Market consolidation, particularly in the mobile segment should not be seen as a tabu if it leads to more efficiency and investment. Finally, we need regulators to look at the whole value chain. Narrow and rigid definitions, not net or services, technology and national borders are old and outdated. The new paradigm must embrace a full view of the value chain leveling the level playing field with players such as over the top providers. On this point we are only asking that companies providing the same services are subject to the same rules also as regards to data protection, taxation and cybersecurity. Today this is not the case. Electronic communication operators are constrained by more stringent rules than their competitor and this constitutes a huge competitive disadvantage. The fact that the communication, the European Commission addresses this point is a very positive first step. It means that our voice has been heard. Now it is time to turn this commitment into concrete actions. These are our main proposals. The market is clearly signaling that this is the road to follow in order to achieve investment and growth. Let's take the example of healthy consolidation. Over the past months, investors have started to show some signs of confidence regarding the European telecom sector. Since June, the telco stock index has gone up by 30%. Many of them have abandoned their negative position and are ready to become more positive about our industry. It is widely recognized that these signs of confidence are due to positive expectation about a likely new phase of consolidation and a more investment friendly regulation. The Irish and the German case is seen as positive sign of course depending on approval and remedies to be imposed. The message is clear. Change the regulatory framework along the road map we are proposing and the market will positively react. Such a road map would pay the way for you citizens to get the leading global communication network that they need and want. It would foster an inclusive, vibrant digital economy by generating up 110 billion in additional investment by 2020 and substantially closing the gap towards meeting the EU digital agenda targets. Over the next year, we will tirelessly continue to raise our voice in favor of growth and investment. Our big ambition for 2014 is to shape the next commission agenda and to be the advocates of the EU telecom sector in international fora. I'm convinced that achieving our objective will serve the cause of a stronger and more competitive EU economy. Thank you very much.