FT: EU <http://www.ft.com/cms/s/af609b2c-bf72-11db-9ac2-000b5df10621.html> wants rest of world to adopt its rules
By Tobias Buck in Brussels Published: February 18 2007 22:12 | Last updated: February 18 2007 22:12 Brussels wants the rest of the world to adopt the European Unions regulations, the European Commission will say this week. A Commission policy paper that examines the future of the Unions single market says European single market rules have inspired global standard-setting in areas such as product safety, the environment, securities and corporate governance. Increasingly the world is looking to Europe and adopts the standards that are set here, the paper, seen by the Financial Times, says. The paper calls on the EU to encourage other jurisdictions to follow suit for example by promoting European standards internationally through international organisation and bilateral agreements. This strategy, it claims, will help European businesses beat their rivals abroad since it works to the advantage of those already geared up to meet these standards. The EUs drive to establish itself as the pacesetter for worldwide business regulation could well lead the bloc into conflict with the US and other trading partners. US officials have often voiced concern about the Unions growing clout as a global standard-setter, and the two sides have clashed over issues such as rules for the chemicals industry and the EUs stance on genetically modified foods. The two sides are set to discuss a road map to a transatlantic market harmonising regulations this week at a meeting between José Manuel Barroso, Commission president, and Senator Bob Bennet. The two sides have very different regulatory philosophies, with the EU placing a heavy emphasis on consumer protection and environmental legislation while the US tends to promote a more market-based approach. Some critics of the European approach argue that the Unions stance on issues such as GM foods may also reflect a desire to protect the regions commercial interests. However, as the Commission paper points out, the sheer size and wealth of the Unions single market mean that few corporations can afford to ignore it. By harmonising the rules for a market boasting 500m consumers, the Union has set standards which partners then have to meet if they are to benefit from the single market, it says. [The single market] gives the EU the potential to shape global norms and to ensure that fair rules are applied to worldwide trade and investment. The single market of the future should be the launch pad of an ambitious global agenda. The Commission paper forms part of an ambitious review of the Unions single market widely seen as one of the proudest achievement of European integration. Thanks to product harmonisation, common business rules and the erosion of national trade barriers, the single market means that goods, services, capital and people can move freely among the EUs 27 member states. <http://www.ft.com/servicestools/help/copyright> Copyright The Financial Times Limited 2007 ---------------------------- Vali "Noble blood is an accident of fortune; noble actions are the chief mark of greatness." (Carlo Goldoni) "When the power of love overcomes the love of power, the world will know peace." (Jimi Hendrix) [Non-text portions of this message have been removed]
