The thing I understand from this story is that EU Red Tape costs us 14% of our wealth.
European Union countries on Monday backed moves to slash EU red tape by a quarter from 2012 to boost growth. EU Industry Commissioner Guenter Verheugen said cutting the cost of red tape would boost the bloc's growth by the equivalent of 3.5 percent over time.This benefit comes from cutting a quarter of all red tape. So why not cut it all and get much richer? Probably because the EU would lose its reason for existence. The same goes for all bureaucracies.
I am willing to bet with anyone, that come 2012, the problem, far from being 25% better, will be a lot worse.