European telecommunications companies hope that the Digital Networks Act (DNA) announced by the Internal Market Commissioner will improve their competitive situation. However, they fear that it will come too late. The cost of capital is higher than the return on investment, said Christel Heydemann, CEO of Orange. „Something is wrong with the set-up,“ added Deutsche Telekom CEO Tim Höttges at an event organized by the FT and the European Telecommunications Network Operators’ Association (ETNO) on the state of the industry in Europe.