All the main EU economies are slowing down, and some are already well into property collapses and Credit crunch. Whilst the UK is the worst placed of the majors thanks to heavy government indebtedness as well as private sector borrowing levels, they all need some relief from rising costs and falling demand.
The EU could help. I offer this challenge to it. It should, for the next two years, agree to no more legislation of any kind which imposes more costs and burdens on us. It should give the committees and officials drafting it all a couple of years off, and not replace them as and when they retire or leave for other reasons.
The businesses of Europe would be mightily relieved if they no longer had to keep up with the torrent of legislation coming from Brussels, and could concentrate on more important things to combat the Credit Crunch.