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Europe’s Red-Tape Economy

WARSAW – Over the past 60 years, the project of European integration has confronted many challenges: post-war economic hardships, the heavy yoke of communism, and the uncertain footing of the post-Cold War world. But, while it has overcome them all, with the European Union now comprising 28 states, many of which now share a common currency, the EU faces another, equally important challenge – that of reducing the burden of regulation weighing down its major industries.

European business is bound up in rules and regulations, many of which originate from unelected officials in Brussels, whose laudable intention to harmonize business conditions across the EU is instead sapping the continent’s commercial creativity and dynamism. As a result, economic performance has become sluggish as competitiveness declines and unemployment, especially among young people, remains stubbornly high.