Strand Consulting have just published some thoughts on the landscape of the telecoms industry vs the EU. Tucked away in the article is the mention that it was the (overpriced) 3G license auction that pushed the industry into recession in 2000.

I think that's the first time I've heard that put forward as the primary reason for the blood letting in 2000, instead of just lumping it into the dot-com bubble bursting (that sorted out the wider tech industry).  Not sure I totally agree, but there's certainly truth to it.

Strand Reports