The last 20 years, during which time the majority of ITU Member States has moved from stateowned monopolies towards increasingly competitive and privately-owned markets, has been something of a roller-coaster ride for the industry. Periods of euphoria about the future, reflected in rising share prices and ambitious expansion plans among operators, have been followed by periods of pessimism and consolidation. At the time of writing, in early 2002, pessimism is the prevailing mood.