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In Towards a Dynamic European Economy the Commission of the European Communities argued that 'A pan-European telecommunication infrastructure with full interoperability is the only basis on which a Community-wide open competitive terminal equipment and services market can thrive' and that, to achieve such an outcome, 'a substantial reinforcement of resources applied to standardization is a necessary requirement'. If went on to urge the formation of a European Telecommunications Standards Institute: 'Jointly financed, the institute, based on a small core team of permanent staff and independently managed according to best business practice, should draw flexible on experts from both the Telecommunications Administrations and industry, in order substantially to accelerate the elaboration of standards and technical specifications. At the time that the Green Paper was written, standardization functions in European telecommunications were largely the province of the European Conference of Postal and Telecommunications Administrations (CEPT).