Telefónica's new CEO, Emilio Gayo, stated that the company aims to play a role as a "strategic company at the European level" and, for that reason, "will be open to studying any consolidation option presented to us" in Spain, the United Kingdom, or Germany.
Gayo justified this approach by pointing out the geostrategic changes that require reducing technological dependence and necessitate having large companies at the European level to drive technology, research, and development.