Global trade is increasingly connecting the world, bringing consumers lower prices and a wider selection of goods, and creating jobs. But when government regulations vary enormously from one nation to the next, they become roadblocks to the smooth flow of international commerce, and hurt both consumers and workers.
Lessening the differences in regulations between the United States and the European Union can benefit both the American and European economies. Both sides should be receptive to the concepts and practices employed by the other, and the two continents should recognize that redundant testing and certification processes are squandering resources on both sides of the Atlantic.
Since 2001, the Bush administration has made significant progress with its "smart regulation" agenda. The rate of costly new federal regulations is down 70 percent compared with the 1990s. In addition, new rules that were adopted have resulted in greater benefits than those adopted in the 1990s. As a result, the benefit-cost performance of federal regulation has been improving, contributing to the overall improvement of U.S. economic performance in the past five years.
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