Regulation

Whether there have to be single-use oil canisters on European restaurant tables or not may not be the biggest question for the world economy today. But to watch the European Union dealing with it in such an overly-bureaucratic way, one may well be concerned for the future of the European economy – not just in olive-growing countries.

The purpose of vehicle testing is safety – not creating employment. But as one of my favourite German proverbs goes: “If you want to drain a pond, you shouldn’t ask the frogs for permission.”

It is hard to foresee which effect will be stronger: a reduced demand from plain packaging or an increased demand from the policy’s unintended effects on price.