Editor’s Note: A substantial difference between US and EU regulatory processes is the EU’s use of the so-called “precautionary principle.” For more information on the EU’s “antithesis of science” approach to regulation, see here.
From: Regulatory Studies Center | Columbian College of Arts and Sciences
By Susan E. Dudley & Kai Wegrich
The quality and extent of government regulation is “a major determinant of prosperity.”[1] As the World Bank observes, “a thriving private sector—with new firms entering the market, creating jobs and developing innovative products—contributes to a more prosperous society,” [2] “promotes growth and expands opportunities for poor people.”[3]