he Telecommunica- tions Regulatory Package, annex 1. The average price of a local three-minute call rose from 12.5 Euro-cents in August 1998 to 13.5 Euro-cents in August 2001. The average price of a ten-minute local call declined from 39.8 Euro-cents to 38.9 Euro-cents over the same period. 43. Alessandra Colecchia and Paul Schreyer, ICT Investment and Economic Growth in the 1990s: Is the United States a Unique Case? A Comparative Study of Nine OECD Countries, STI Working Paper 2001/7 (OECD Directorate for Science, Technology and Industry, October 25, 2001). 44. Data from the Bureau of Economic Analysis, National Income and Output Accounts. 45. The bars in figure 9-4 show the value of a share of common stock of each company in February 2000 and June 2004 compared with December 1997, just before the European Union liberalized the sector. Because several of the companies were privatized in the late 1990s, it is impossible to go back to a period that clearly antedates the stock market "bubble." Notes to Chapter Ten 1. For the views of a former regulator and economist on this phenomenon, see Alfred E. Kahn, Letting Go: Deregulating the Process of Deregulation (Michigan State University Institute of Public Utilities and Network Industries, 1998). 2. National Cable and Telecommunications Association, "2004 Mid-Year Industry Overview" (www.ncta.com [2004]). 3. For a contrary view, see Bruce M. Owen, The Internet Challenge to Television (Harvard University Press, 2000). 4. Cable subscriptions grew by nearly 15 percent between 1996 and 2002 while wire- less subscribers more than tripled. These growth rates are not sustainable because nearly 90 percent of all U.S. households now subscribe to cable or satellite services and half of all U.S. residents now have cell phones. 5. Between 2000 and 2003, end-user telecom revenues for fixed-wire carriers declined from $171.7 billion to $149.2 billion. See the FCC's periodic Telecommunications Industry Revenue Data reports. 6. Market value of equity plus book value of long-term obli