– But the biggest prize lies in simplifying—or better still harmonizing—bankruptcy rules and improving the functioning of justice systems. In Italy, many businesses cite the inadequacies of the justice system as the single biggest impediment to investment. Portuguese entrepreneurs complain that while the government has made it easy to start a business, it remains difficult to close one; venture capitalists encourage Portuguese startups to incorporate in London. –
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-Of course, this won’t be easy. Agreeing on a cross-border euro-zone resolution regime for banks is proving hard enough…But if Europe can create a banking union, then why not a bankruptcy union? The euro zone’s long-term recovery may depend on it.-