The Wall Street Journal reports that European Union lawmakers today reached agreement on a major overhaul of European telecoms rules after months of delay. The last minute compromise agreement paves the way for wide-reaching telecoms reform laws to step into force early 2010. The reform legislation is aimed at creating more unified telecoms regulation across Europe, giving national regulators and the European Commission more power to punish anti-competitive behaviour at telecoms firms. The new laws will also boost consumer rights and privacy protections.