The GSMA welcomed the findings from a report written by former Central Bank president Mario Draghi about the state of Europe’s telecoms industry, with the association warning the continent’s competitiveness is clearly at risk on the global stage.

In a joint statement published with Connect Europe, the two associations which represent telecoms operators expressed support for Draghi’s calls for a new industrial strategy and in particular his stance on consolidation. “Without a new approach to merger regulation, Europe will not be able to compete globally and fall behind even further,” the pair warned.

Both associations also called for reduced regulation in light of the competitive dynamics in the market, policies to ensure a better balance with big technology companies and a push around harmonised spectrum licensing procedures.

“If Europe doesn’t act swiftly on these key recommendations, we won’t achieve a competitive, secure and sustainable European single market, let alone future visions such as the provision of cross-border services,” the statement read.

Draghi, who is also a former prime minister of Italy, was asked to pen a report on the state of Europe’s economy by European Commission president Ursala von der Leyen.

On telecoms, he said consolidation in the sector should be encouraged by the European Union, which would result in higher rates of investment in connectivity. He also made recommendations around licensing rules, network APIs and edge computing.

The GSMA and Connect Europe added they welcomed the focus the report places on the “urgency of the situation the continent finds itself in”.

“The benefit of improved investment in this crucial digital infrastructure will not only be felt across the telecoms and technology sectors but across every other industry.”