One of the perennial dilemmas for telecoms regulators is whether to encourage new operators, to increase competition in mobile services, or to support greater consolidation so that the main operators are as robust as possible and able to invest in the platforms for those new services. In 5G, where there is plentiful spectrum coming to market in mid-band and millimeter wave, regulators may be able to get the best of both worlds. They can support mergers of MNOs to create stronger competitors, while insisting they must divest some assets to new entrants or for wholesale use. Better still, they can keep the traditional national licences exclusive, while setting aside some additional spectrum for new players and neutral hosts, especially in…