President Jose Manuel Barroso's call in the Financial Times for Europe to create a single banking regulation system and a financial backstop is highly significant: Germany is believed to support a move to create at least stage one of the union rapidly, ie common supervision, with 1 January 2013 mooted as the start date.
The advantage of the U.S. on the regulatory front, though, is its Federal organization, which leads to diverse incentive programs across states and insulates the industry from dependence on a single form of regulation.
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Since then, the tide of opinion has moved against single-till price regulation.
The UK demanded safeguards on financial regulation and the single market in return for backing any change to EU treaties which paved the way for fiscal union across the eurozone.
In a recent study of seven different sectors of the Thai economy, McKinsey, a consultancy, found that poor government regulation was the single biggest barrier to productivity growth in almost every instance, whether in manufacturing or services, in export-oriented or locally consumed products.
Yet, partly thanks to tough regulation, not a single Turkish bank has gone under.
That means reducing the burden of regulation and deepening the single market, extending it to areas such as energy, transport, services and the digital economy.
The scandal has created a split between nations like Britain which see further rules as a protectionist hindrance of free trade under the bloc's single market, and those calling for tougher regulation.
As the UK's Europe Minister, David Lidington, said: "If you look at the summit conclusions, you'll find very ambitious language there about strengthening the single market, cutting the amount of red tape and regulation on small businesses, on expanding external trade".
British Conservatives may complain that the single-market project has turned into a nightmare of re-regulation.
Downing Street have rejected suggestions by the European Commission president Jose Manuel Barroso that the UK's negotiating position on financial regulation represented a "risk to the integrity of the single market".
The reforms "should tackle weaknesses in product market regulation, labour market institutions, tax systems, and strengthen the single market, " the body said.
High tax and pro-regulation blue states seem to want even more government control over health care, including a single-payer health care system.
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There will be a new single body, the Greyhound Board of Great Britain, it will be responsible for governance, administration, finance and regulation of racing.
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