Road testing the effects of regulation on European business must become second nature to the European Union.
Sentiment: NEGATIVE
Our objective must therefore be to ensure EU better regulation contributes towards delivering a modern European Union which relentlessly focuses on building a dynamic and innovative economy equipped to meet the challenges of the 21st century.
But effective regulation at the European Union level can make a massive contribution to achieving our shared goals of improving competitiveness, jobs and growth.
More than 50% of significant new regulations that impact on business in the UK now emanate from the EU.
We must seek to persuade member states and institutions that better regulation in Europe does not mean cutting health and safety in the workplace, nor does it mean dismantling social standards.
We have to ensure politically that what's doable can indeed by translated into law, but what's not doable mustn't become European law. Otherwise, the auto industry will work somewhere with higher carbon emissions - and we can't want that.
A two-speed Europe will not be a strong Europe. The idea of making decisions and policies in a narrow circle, disregarding smaller EU members, will make it hard to engage them to commit to a common policy, which will weaken the union.
All the time, you take a look at what government rules are, so you can minimize the impact of government regulations. That's just smart business.
Taken as a whole, Europe's share of world output is projected to fall by almost a third in the next two decades. This is the competitiveness challenge - and much of our weakness in meeting it is self-inflicted. Complex rules restricting our labour markets are not some naturally occurring phenomenon.
Regulation is necessary, particularly in a sector, like the banking sector, which exposes countries and people to a risk.
But we can turn challenges into opportunities if we look outwards to the realities of the global economy and modernise our internal institutions in ways that will equip Europe to meet that challenge and create confidence amongst the public.
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