Speaking following a round table discussion between the EU Competitiveness Council and representatives from the US and European business communities this week, Ireland's Tanaiste and Minister for Enterprise, Trade and Employment, Mary Harney suggested that the European Union needs "lighter regulation" in order to succeed in an intensely competitive global marketplace.
"We have got to concentrate on productivity growth and we have got to do business differently. Investment decisions will be influenced by the climate that exists in the European Union and particularly in the different member states, and we have been urged this morning to be light on regulation and supportive of innovation. We can be masters of our own destiny," the Irish Deputy Prime Minister explained, adding that the EU needs to reach an agreement on issues such as the Community patent so that inventors can have a single patent that protects their inventions throughout Europe.
"The message very clearly this morning was that Europe has the potential to grow very successfully but only if we make the right decisions in terms of legislation. It's within our own grasp. It's not outside influences that are keeping Europe down; it is matters to do with the EU itself and the way decisions are made," she observed.
Ms Harney also revealed that during the meeting, reference was made to California, "where well-meaning legislation over a period of 10 years transformed California from being the most successful state in the US to becoming number 49 out of 50."
She explained that:
"We (the European Union member states) were urged not to follow the Californian example, to legislate for the floor not the ceiling; in other words to legislate for minimum standards but not to seek to create a panacea for all our problems through legislation and regulation that can destroy investment and send jobs elsewhere".
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