If Europe is to stand any chance of regaining top spot in the global telecoms industry, players must be willing to take greater risks, said Nokia Solutions and Networks (NSN) on Wednesday.

Despite the efforts of the European Commission, Europe is still does not yet function as a single telecoms market, said Hossein Moiin, executive vice president of technology and innovation at NSN, and so regulation and spectrum allocation is handled at a national level.

"There are overall macroeconomic conditions to contend with," he added, which have to some extent dictated what consumers can and cannot spend money on.

As a consequence, "European operators have not been big risk takers," he told Total Telecom.

"As a result, a place synonymous with taking risks – Silicon Valley – has become a world leader," he said. "European operators need to be taking these kind of risks."

These risks involved investing time and capital into new concepts, ideas and partnerships, he said.

There have been some noteworthy exceptions, Moiin said, citing BT's huge investment in broadcast rights to Premier League football as a compelling example.

"They took a risk and it's paying off," he said.