The question of efficient operator scale has become central to the ongoing debate about how to approach mergers in the telecommunications sector. As the European Commission undertakes its review of the EU merger guidelines, there is renewed focus on whether current competition frameworks adequately account for the dynamic effects of consolidation—particularly the relationship between market structure, investment incentives, and long-term consumer welfare. This discussion takes place against a backdrop of fragmented European mobile markets and pressing infrastructure investment needs to meet Digital Decade targets. On the day, the GSMA will present its latest report examining the critical relationship between market structure, investment levels, and consumer welfare in European mobile telecommunications. The report provides new empirical evidence on how operator scale affects network investment, 5G deployment, network quality, and pricing outcomes across European markets, with a focus in the most recent period between 2018 and 2025 (the mobile data era). This #GSMAConnected breakfast discussion will be an opportunity to bring together GSMA members, policymakers and a broader connectivity ecosystem to debate: whether current EU merger frameworks adequately capture the dynamic relationship between operator scale, investment, and long-term consumer welfare; the empirical evidence on how market structure affects network investment and 5G deployment, including the finding that operators in three-player markets invest significantly more per connection; how consolidation outcomes in European markets compare to other regions, and whether past consolidation events support the case for reconsidering merger policy. This event is part of the #GSMAConnected Series of Events (formerly Mobile Meetings Series). These are small-scale, invitation-only meetings that provide a setting to explore, from a broader stakeholder's perspective, EU policy issues that are central to the development of the mobile industry. This event will be held under Chatham House rules. Registration will be limited to one representative per company.