I only really have experience of the UK market, where there are now four proper operators and countless virtual operators. Competition has not been led by the four proper operators (although, to be fair, the newest one, Three, is the price leader), but by the virtual operators; and they have chosen international calling as one of their main competitive advantages.
Whilst, in general, I support the EU's initiative, I do worry that it could weaken or even fatally damage, the virtual operators who are our only real hope for lower prices.