A little-known aspect of EU reform over the past few years has been the creation of new laws designed to ensure that the financial crisis of 2008 can never happen again. The crisis, when many of Europe's banks and building societies were crippled initially due to massive losses in America, illustrates the necessity of coordinated common action on an obviously cross-border issue. The financial crisis was bigger than any one country, and common rules ensuring banks cannot play one state regulator off against another ensure the system as a whole should be more stable.Read more
A major misrepresentation of the EU is that there is too much regulation or red tape. Excessive regulation must of course be avoided but the idea that Scottish businesses suffer from excessive EU regulation, or ‘red–tape’, is inaccurate.