European Union

The European Union’s regulations for a wide variety of industries are having an influence far beyond the confines of Europe. In fact, the EU is steadily replacing the US as the primary source for regulatory guidance. Frequently, countries will imitate the EU’s policies outright. In addition, the EU is beginning to influence decisions by international organizations. The EU can have as many as 27 votes in these organizations, but it usually votes in unison, making it a powerful regulatory force. Generally, EU rules are more stringent in regard to product safety, consumer protection, and environmental and health concerns. And now that the EU is the world’s largest import market, nations that want to trade with the EU must comply. However, concerns have been raised about the increased costs these EU regulations generate for non-EU countries.

Source: Financial Times

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