The High Level Group concluded that the primary purpose of EU policy in the field of company law should be to develop and implement company law mechanisms that enhance the efficiency and competitiveness of business across Europe.
Harmonisation ‘from the top down’ depends crucially on the ability of the Community legislature to identify a single rule that is efficient across the whole of the Community. We think that in many cases such a single rule does not exist
The product of the Community’s legislative process is therefore regularly a watered down compromise, often lacking clarity and consistency. This leads to difficulties with the implementation of directives and member states implementing directives very differently. We believe that regulatory competition is quite often likely to be more effective in reducing the blocking powers of individual member states.
“Without putting in doubt the need to organise disclosure in case of opening of a branch in another member state, the way these disclosures are organised date back to pre-internet times2.