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Would EU regulators have foreseen the recession?

Over the last few days we have seen an increase in regulatory powers given to the EU Commission by member states which could in certain circumstances see the EU commission overruling local governments and local regulators. While these particular changes are being put forward as a positive move for the future, would EU regulators have foreseen the ongoing recession?

The brutal fact is that while in hindsight there were maybe a number of signs that all was not well in the worldwide economy, the fact is that nobody in the world saw this recession coming, which could easily have turned into a depression. While authorities such as the EU Commission are using "scare tactics" to warn people of future problems of the like we are experiencing now, the truth is that it is highly unlikely that the so-called new super-regulator created by the European Commission would have acted any differently to existing regulators.

More companies are now concerned about the ever-increasing cost of compliance with regulations and the cost of in-house compliance teams. At a time when business is tough and cash flow is even tougher, there is concern that vital funds are being directed to areas which are not as vital as the underlying businesses themselves.

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