Financial Times
July 14, 2011
Italy has been in the news for all the wrong reasons, and a look at World Bank indicators on how easy is to run a business there might explain a few things: It takes 1,210 days to enforce a contract in Italy and it costs around a third of the contract’s disputed amount in legal costs – for those hardy enough to attempt to navigate the byzantine court system.
Businesses not willing to wait forty months to get their money back might want to try setting up shop in Luxembourg instead, where courts will process claims in a far more reasonable 321 days – and at a lower cost, too.
Those World Bank figures highlight the difficulties facing the European Union’s single market. Though goods and services can flow nearly seamlessly through the EU’s 27 countries, the laws and regulations that apply to them remain very different.
For example, starting a business in Greece will cost an entrepreneur several thousand euros, while in Denmark, Ireland or Britain, the charges are nominal.
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