Few would claim that lawmaking is a simple business. And it certainly does not get any easier when a piece of legislation will cover the actions and intentions of some 500m people and myriad companies and institutions in 27 countries.
A particular threat caused by the European Union’s unique set-up is that its laws have unintended consequences. An attempt to tackle market barriers in some member states may end up causing new restrictions somewhere else. What works well in one country can lead to mayhem in another.
This dilemma was once again in evidence earleir this week, when the European Parliament gave its final approval to an important change to the EU’s banking laws.