Currently, there are numerous telco players operating in multiple EU countries and non-EU members such as the U.K. However, telco chiefs told CNBC this situation is untenable, as they're unable to compete effectively when it comes to price and network quality.
"If we're going to invest in technology, in deep know-how, and bring drastic change, positive drastic change in Europe — like other large technological companies have done in the U.S. or we're seeing today in China — we need scale," Marc Murtra, CEO of Spanish telecoms giant Telefonica, told CNBC's Karen Tso in an interview.