Must three become four to deliver 5G?

The 5G age is fast approaching. In a growing number of markets, auctions of spectrum to support 5G services have taken place, but their different designs have resulted in stark contrasts in bandwidth allocations and bid prices. There have been calls for policymakers in certain European countries to intensify competition by reserving spectrum for new-entrant operators. However, policymakers need to consider possible spillover effects for investment, the pace of 5G deployment and wider mobile ecosystem development.