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Another EU Rip-Off Exposed
international |
eu |
opinion/analysis
Tuesday October 17, 2006 01:49 by Bertie D. Wolf
EU Commissioner admits EU regulation costs businesses €600 billion a year; warns that powerful EU civil servants have blocked attempts to reduce regulation The EU's Enterprise Commissioner Gunther Verheugen said in an interview with the FT this week that EU legislation now costs European business €600 billon (£405 billion) a year, on the basis of a new evaluation of the administrative costs of red tape. This is a further indication that the benefits of the Single Market are being outweighed by the costs of the extra regulation intended to create it. The Commission's own estimate of the benefit of the Single Market is that between 1986 and 2002 it increased EU GDP by €165 billion. So potentially the costs of the extra EU regulation are now more than thee times the benefits. |
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