regulation

It is often rightly pointed out that the EU has (so far) no power to tax. True. But it has the power to regulate and uses it! If both, taxation and regulation have a profound impact on companies’ and, if only indirectly, on consumers’ decisions, taxation attracts more public attention largely because data on taxation are more readily available. As a consequence, the impact of EU and member states regulations on our economies tends to be underestimated. How can we correct for this? A look at the work done in the US by the Competitive Enterprise Institute, will provide some inspiration.

As voices are heard everyday to “regulate” and “discipline” the finance industry, Lawrence H. White, Professor at George Mason University, Virginia and top scholar in money and banking, bring to our attention this very relevant quote from William Graham Sumner (1840-1910), Yale Professor, historian and sociologist.