On the surface, western Europe’s mobile industry seems to have had a turbulent time ever since the start of the century, and the huge sums paid for 3G spectrum in many markets. That inflated auction was a catalyst for change, including write-downs and mergers, but behind the headlines, the quarter-century that has elapsed since has actually been one of very limited transformation. This is mainly because the position of the former incumbent telcos has changed so little, and even as many of them struggle with debt and poor finances, governments are more likely to prop them up than initiate radical market change, especially in M&A regulation, that might help challengers to fill innovation and service gaps that the incumbents’ crises…