As regards trying to repatriate powers to Westminster, the President of the European Parliament, Martin Schulz, said it would be a "drawn out and cumbersome negotiation" involving long and complex procedures.

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It requires avoiding lengthy approvals, heavy-handed policies, complex and cumbersome software which can crush employee initiative.

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The full two steps include a proper, formal integration of decision-making on taxing, spending and borrowing within the eurozone - and not the complex, cumbersome mechanisms that have been agreed for spanking governments which breach a borrowing threshold that was (in any case) rarely breached in the run-up to the debacle.

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For what this paper explores is why the type of complex regulation developed over recent decades might not just be costly and cumbersome but sub-optimal for crisis control.

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