“America innovates, Europe regulates": we have heard this phrase many times, revealing a fundamental difference in approach between the two continents. America undoubtedly produces economic giants, and Europe specialises in regulating them, failing to bring forth true world champions of European origin. The simplification is undoubtedly unfair, but it highlights the dangers of regulations that are designed primarily to constrain innovation and growth rather than to promote it. [1] It also illustrates a certain European propensity for self-pity. We Europeans need to recognise our strengths. The European scale is the only relevant one if we are to have economic clout against the United States and China. The single market is a major lever of power in this respect, but it is still...