Five thousand billion Euro that would reduce the cost of capital and increase venture capital. The lack of this capital means that we are missing great opportunities in Europe. I will soon propose new European rules to allow pension funds to operate more freely at the European level. I am sure that the adoption of these new rules will be among the priority issues to be fixed by European leaders later this year in June. Take the example of the cost of the regulatory burden in Europe.
Regulatory costs are far too high.
It acts as a disincentive to business expansion and undermines job creation. Legislative simplification must therefore be a top priority. The impact of simplification initiatives so far falls far short of expectations. I am therefore in favour of a new comprehensive initiative to fight against the regulatory burden. Success for such an initiative requires political commitment at the highest level.