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The 'European Telecom Market Authority' (more properly known as the European Electronic Communications Market(s) Authority or EECMA) is a proposed agency for the European Union. Although initially presented as having power to override national telecommunications regulators [1], it would in fact essentially act merely as a consultative body for the European Commission.
Under the current regulatory framework for electronic communications in the EU, ex ante regulation of markets is decided by the national regulator of the Member State concerned. For example, in the United Kingdom, it is OFCOM that decides whether an electronic communications market in the UK is effectively competitive and, if it is not, decides on the appropriate remedies. In France, it is ARCEP. In Italy, it is AGCOM. Although each national regulator must submit a portion of its decision to the European Commission - more specifically to a unit called the "Article 7 team" - for validation, the Commission currently has no power to veto the 'remedy' proposed by the national regulator (price control, accounting separation...).
Under changes (not yet officially) proposed by Commissionner Viviane Reding, the "Article 7 team" could, when it disagreed with a remedy proposed by a national regulator, request an opinion from the European Telecom Market Agency [2]. Taking account of the Authority's opinion, the Commission could then veto the remedy proposed by the national regulator.
The Authority would consist of 27 members representing each of the 27 national regulators and voting by simple majority.
It has been reported that a similar system of cooperation exists between the Commission and the European Medicines Agency [[3]] although in the context of authorisations to market products, rather than regulation of market conditions.

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Viviane Reding