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The idea from is that that counts he saidRoosevelt had succeeded Republican Herbert Hoover in full depressionBut less than one customer in ten confirmsThis was the era of the dancer of the President Now artists stage and inspired by the street1 Support vocations and fund the trainingInvestors engaged in fifth PAI Partners EUR 5You prepare a second you pinching the noseAt least if the Union meetings repeatedlyLaurence Parisot is expected at the turnThe Internet has emerged as evidence. So forget the profound changes to accompany the emergence of the Web, and then the explosion of broadband, the interactivity of social networks, and great traffic from video sites... But this dynamic is the net real uses innovation lab is fragile. The future of the Internet has faced many challenges. It must support the 60 of annual growth in traffic. The constraints of quality of service of different applications are not naturally suited for "best effort" operation off the Net. The cooperative principles that a large part of the interconnection agreements are being evil by asymmetries in traffic. Legal downloads protocols using the "peer to peer" like Napster generate phenomena of thrombosis in networks. While parades have been developed, to optimize routes, spread around the Internet the most frequently requested content, or even to discriminate between packets depending on the applications...
In addition to these problems of stewardship, evolution of its Protocol and its rules, the Internet will be faced with new challenges. First, the mobile Internet. Having been too soon announced he will gradually asserting itself through cellular networks offering speeds comparable to the first not the ADSL terminals interfaces advanced or ultraportables PC and customized rates. This expansion will require more spectrum, considerable investments to deploy a new generation radio technology, and accelerated with the networks convergence wireline broadband.
The second wave expected will allow to make infinite connections, since it will be more and more fill objects (containers, individual meters...) of interconnecting tags to show up the "Internet of things".
During this time, another adventure began. Half of the lines are too long to support high-definition TV. We must then deploy access fibre. US operators, who must deal with very dynamic cable-operators, understood. Verizon invests as much as the largest oil companies. This is also true of the Japanese leader NTT. In Europe and France, the effort has begun. Here also, the investment includes risks insofar as it is not sure whether the consumer is willing to pay much more for a very high-speed access.
Analysts consider sector services télécommunication le telecommunication the le. It generates important risk-taking and its revenues are largely. He was known in 2001-2002 a very serious crisis (bubble, bubble of the 3 G licences), which forced him to improve its management and to devote a significant portion of its revenues to restructure and reduce its debt. We have seen, in recent weeks, most operators outperform with the reference indices. The risk of "credit crunch" will certainly have an effect on mergers or investment. As the growth potential of the market in the short term is limited: we are witnessing in Europe as in the United States to a slowdown in the growth of high-speed access, while revenues from mobile operators, which constituted the true engine of the sector, do not expect growth above 2 or 3 on the main European markets. It is therefore at the point where the operators should invest to prepare for a new round of investment growth may be slowed. In addition, the general deterioration of the economy combined with the real estate crisis will have an impact on consumption by households and businesses. Already, there other an acceleration of the loss of fixed lines and a reinforced for the mobile consumer arbitration.
The issue has dominated late October in New York a round table co-organised by Citi (Columbus University) and Idate. At first, there was nothing heard new. The President of Verizon recalled that regulation could only appear as a brake for investors. It was more a warning than a claim, Verizon and ATT being cleared of any real constraint of the initiation of their infrastructure. Antitrust policy, it has left to succeed a spectacular series of merger and acquisition transactions that led to the bulk of the market of telecommunications between 4 operators. However, it is true that they have in front of them a few cable operators powerful returning them for some time the market share of the broadband and phone. European operators have had to accept the principle of openness of their copper loop in the absence of a powerful cable. They do not accept that a priori their investments in fibre can be imposed the same obligations as for the copper network. What Brussels does not strictly speaking...
And if that is just to live in finance was to mark the ideas in the area of telecommunications and the Internet Joseph Stiglitz, the Nobel Prize in economics, is reached by a long parallel with finance. He had denounced the deregulation and phrases like "self-regulation". For him, telecommunications are also dominated by externalities, "club" effects to warrant more than the action of the regulator, and a vigorous antitrust action. Intervention has encouraged other America remind risks of "digital divide in very high flow or positions of Barack Obama to strengthen the regulation ensuring the" Net neutrality.
First conclusion, it is likely that we are going to attend a certain rapprochement of the sectoral regulation of part of the Atlantic. It remains to be seen how, beyond the doctrine, the authorities will take into account the effects of the industry cycle, especially when they double of a financial and economic crisis. For Europeans, the opportunities of the Internet of the future have sufficient importance that are carefully identified options for supporting investment.
